Shares of Glenmark Pharma surged more than 5% to a high of Rs 421 in an otherwise subdued market after the drugmaker reported stable earnings for the quarter that ended in December 2022.

Glenmark reported a 21.1% rise in consolidated net revenue at Rs 290.76 crore in the third quarter of FY22, compared to Rs 240 crore in the same period last year. Net sales rose 8% year-on-year to Rs 3,392.24 crore.

In Q3, revenue from Asia, MEA, LATAM and RCIS (RoW) regions was Rs 654.1 crore compared to Rs 534.8 crore in the preceding quarter. India Formulations business posted sales of Rs 1,074.5 crore against Rs 1,006.9 crore.

The stock was up 5% at Rs 420 at around 35,000 shares on the BSE at 9:50 am, compared with a two-week average of about 25,000 shares. In contrast, the S&P BSE Sensex fell 0.2% (150 points) to 60,522.

The stock rose more than 9% in February, compared with a 1.6% gain for the Sensex.