The board of directors of Torrent Pharmaceuticals Ltd. will hold a meeting on Jan. 24 to consider the payment of interim dividend for the current financial year, according to an exchange filing.
The pharmaceutical firm has fixed Feb. 1 as the record date for taking record of the members of the company for the purpose of payment of interim dividend if it is declared. The interim dividend will be for the equity shares of Rs 5 each, it said.
Earlier this month, Samir Mehta, president of the Indian Pharmaceutical Alliance and chairperson of Torrent Group, said that the Indian pharmaceutical industry plans to more than double its size to $120–130 billion by 2030, which will be driven by innovation and a vision to become the global healthcare leader.
India's proficiency in producing high-quality, affordable generic drugs and vaccines has positioned the nation as a prominent player in the global market, Mehta said.
Shares of Torrent Pharma fell as much as 1.38% during the day to Rs 3,299.4 apiece on the National Stock Exchange. It closed 1.19% lower at Rs 3,235.35 per share, compared to a 1.47% decline in the benchmark Nifty. The share price has risen 30.71% in the last 12 months.
Nineteen out of the 32 analysts tracking the company have a 'buy' rating on the stock, eight suggest 'hold' and five suggest a 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 11.3%.
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