Glenmark Pharma gives a Russian smile

Glenmark Pharma is on a good run today, with the stock opening stronger at Rs.834.75 and going up to an intra day high at Rs.849.10

The stock is in news today on getting approval from the Russian health ministry for its asthma inhaler – Salmecort MDI. This is a milestone for the company as it is the company’s first footstep into the respiratory inhaler market of Russia.  The company is expecting this to be a lucrative market as the total MDI market in the country is valued at $107 million and it is expected to be widely available in the market from second half of FY16.