This mid-cap pharmaceutical stock shines by over 3.30% today; do you own it?

This is the first company in India to launch the triple fixed-dose combination (FDC) Teneligliptin with Pioglitazone and Metformin. After this news, a strong up move is seen in the shares of this company and shares jumped by over 3.30% on BSE.

The stock closed on Tuesday at Rs 409.20 and on Wednesday it opened at Rs 411.45. It touched its day high at Rs 423.40 on BSE. Currently the stock is trading at Rs 423.00, it is heading up and could break its day high.

In India, Glenmark Pharmaceuticals has introduced the first triple fixed-dose combination (FDC) of Teneligliptin, Pioglitazone, and Metformin. Teneligliptin is a well-known DPP4 inhibitor (Dipeptidyl Peptidase 4 inhibitor). This FDC, known as Zita-PioMet, contains Teneligliptin (20 mg) + Pioglitazone (15 mg) + Metformin (500mg/1000mg) in a sustained release (SR) formulation. This provides patients with Type 2 diabetes with the convenience of once-daily dosing to improve glycaemic control and achieve the target HbA1c in 24 weeks.

On the launch, the Business Head of the company said that "Type 2 diabetes patients in India often face issues of beta cell dysfunction along with insulin resistance. In fact, India has a 38% prevalence of high insulin resistance, compared to a global incidence of 15%. As a country leader in diabetes therapy, we are pleased to introduce Zita®PioMet, India's first triple fixed dose combination for high insulin resistance type 2 diabetes. The novel, effective, and reasonably priced medication will aid in the improvement of glycemic control in adult patients with high HbA1c levels.

Glenmark Pharmaceuticals Ltd is a global research-led pharmaceutical company with operations in over 80 countries and a presence in generics, specialty, and over the counter (OTC) products.

The scrip touched its 52-week High at Rs 533.95, whereas the 52-week low stood at Rs 348.90. Presently, the market cap of the company is Rs 11,931.48 crore.

The promoters hold 46.65% of the company, while Institutions and Non-Institutions have 34.08% and 19.27%, respectively.