Shares of Glenmark Life Sciences Ltd. gained the most since Oct. 11, 2022, after its board approved a dividend payout.

The company's board has approved a dividend of Rs 21 per share for the current financial year, it said in an exchange filing.

Shares of the company gained 4.14% to Rs 402.7 apiece as of 11 a.m., while the benchmark Nifty 50 gained 0.61%.

The total traded volume stood at 6.2 times its 30-day average. The relative strength index was at 65.

Four analysts tracking the company maintain a 'buy' rating on the stock, according to Bloomberg. The return potential, as calculated by the consensus of analyst estimates, stands at an upside of 36.8% over the next 12 months.