Moneycontrol PRO
Check Credit Score
Check Credit Score
HomeNewsBusinessMarkets

Granules India jumps 9% after chairman expects pledge shares to go down further

Krishna Prasad Chigurupati, Chairman & MD, Granules India told CNBC-TV18 that currently, promoter pledge is at 43 percent and in the next few weeks, it is going to go down

June 19, 2019 / 01:42 PM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Shares of Hyderabad-based pharma company Granules India rallied 9.5 percent intraday on June 19 after company's chairman said it expects pledge on shares to reduce in coming weeks.

The stock was quoting at Rs 96.85, up Rs 5.60, or 6.14 percent with high volumes on the BSE at 1318 hours IST.

Krishna Prasad Chigurupati, Chairman & MD, Granules India told CNBC-TV18 that currently, promoter pledge is at 43 percent and in the next few weeks, it is going to go down.

"The plan is to go down by another 10 percent, we have made some arrangements but there is a slight delay and we expect it will happen in a few more weeks," he said.

He further said debt, when the company started the year was at Rs 978 crore.

"The long-term borrowings are going down but short-term borrowings are going up due to inventory build-up in the US. Our gross debt was Rs 991 crore in FY19 and now we are working on building more efficiency in our working capital and we may also reduce our short-term debt by a smaller amount," Prasad added.

He expects 5-6 drug approvals this year and around 12 approvals next year.

Moneycontrol News
first published: Jun 19, 2019 01:42 pm

Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347