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Strides pharma shares jump 4% after reporting strong first-quarter earnings
1 min read | Updated on August 02, 2024, 17:44 IST
SUMMARY
Shares of Strides Pharma Science surged 4% in morning trade on Tuesday following the company's announcement of a profit after tax of ₹84 crore for the June quarter. This significant gain contrasts with a loss of ₹29.5 crore in the same period last year. The company's revenue also saw an increase, reaching ₹1,087 crore compared to ₹932 crore a year ago.
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The drug firm had reported a loss of ₹29.5 crore in the year-ago period, the company said in a regulatory filing.
The stock of the company climbed 4.02% to trade at ₹1,071.60 apiece on the National Stock Exchange (NSE).
On the BSE, the scrip of Strides Pharma Science jumped 3.54% to trade at ₹1,070.35 per piece.
In the intra-day session, the pharmaceutical company's stock advanced to hit its 52-week of ₹1,123 and ₹1,120.30 apiece on the NSE and the BSE, respectively.
The 30-share BSE benchmark bounced 365.99 points, or 0.45%, to 81,721.83 while NSE Nifty rose 112.65 points to trade at 24,948.75 on Tuesday.
Strides Pharma Science on Monday said its profit after tax from continuing operations stood at ₹84 crore for the first quarter of the current fiscal.
The drug firm had reported a loss of ₹29.5 crore in the year-ago period, the company said in a regulatory filing.
Its revenue stood at ₹1,087 crore in the period under review, compared to ₹932 crore a year ago, it added.
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