New Delhi: The shares of Mankind Pharma and Tech Mahindra were trading on lower note on Friday. Mankind Pharma stock was trading at Rs 2,064.45, while Tech Mahindra share price was at Rs 1,536.05 at 12:27 pm on July 26, 2024. Both the stocks were on high searches as the counters dropped.
Mankind Pharma
Mankind Pharma shares were down a day after the pharmaceutical company announced plans to acquire Bharat Serums and Vaccines from private equity investor Advent International for around Rs 13,630 crore.
The decision to fully acquire Bharat Serums is expected to position Mankind as a leader in the Indian women’s health and fertility drug market. The pharma company has signed a definitive agreement with Advent to acquire a 100 per cent stake in Bharat Serums and Vaccines (BSV).
“BSV’s acquisition represents a pivotal milestone in Mankind’s journey, establishing us as the market leader in Indian women’s health and fertility segment,” Mankind Pharma Vice-Chairman and MD Rajeev Juneja said.
Tech Mahindra
The shares of Tech Mahindra plunged nearly 6 per cent after IT services firm declared its Q1 2024 Results and declared that its revenue from operations declined by 1.2 per cent during the June quarter.
The IT stock dropped 5.52 per cent to Rs 1,445.50 on the BSE. At the NSE, it was down by 5.60 per cent to Rs 1,444.25 apiece.
Tech Mahindra Q1 2024-25 Results highlights
In its June quarter results, Tech Mahindra reported a 23 per cent year-on-year (Y-o-Y) jump in its net profit for the first quarter of 2024-25, while the revenue stood at Rs 13,005 crores; up 1.0% QoQ, down 1.2% YoY.
The company reported its EBITDA at Rs 1,564 crores; up 11.1% QoQ, up 16.9% YoY; Margin at 12.0%, up 110 bps QoQ,190 bps YoY
The Consolidated PAT was recorded at Rs 851 crores; up 28.8% QoQ, up 23.0% YoY.
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Mankind Pharma all set to acquire Bharat Serums and Vaccines for Rs 13,630 crore. Tech Mahindra shares tanked nearly 6 per cent after earnings announcement. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
