Marksans Pharma’s shares on Tuesday rose 18 percent after the firm announced that its board would meet on Friday to consider the proposal for buyback of fully paid up equity shares of the company. According to reports, Marksans Pharma stock climbed 18.06 per cent to Rs 51 against the previous close of Rs 43.20 on BSE. Moreover, shares of Marksans Pharma opened with a gain of 11.57 per cent at Rs 48.20 on Tuesday.
Meanwhile, the stock had gained after two days of consecutive falls. Reportedly, the stock has lost 45.12 per cent in a year and fallen 17.07 per cent this year.
“A meeting of the board of directors of Marksans Pharma is scheduled to be held on Friday, 8th July, 2022 to consider the proposal for buyback of fully paid up equity shares of the company up to such amount of the aggregate of company’s paid up equity share capital and free reserves as the board may decide,” the company said in a press release.
Marksans Pharma manufactures pharmaceutical formulation segment. The company focuses on the research, manufacturing and marketing of generic pharmaceutical formulations with three state-of-the-art facilities in India, the United Kingdom and the United States.
The firm is known for its presence across different therapeutic areas in the region, such as pain management, diabetes, cough and cold, neurology, cardiovascular and hormonal treatment. The company has a manufacturing facility for oral solid tablets, soft gelatin capsules, and hard capsules in Goa.