Natco Pharma gains on sale of non-core business in US

The board approved the sale of Save Mart Pharmacy Stores located in USA which is non-core business

Shares of Natco Pharma were up 4% at Rs 415 on the Bombay Stock Exchange on plans to sell-off its non-core business.

The company in a release said, the board of directors at its meeting held on March 30, 2016 approved the sale of Save Mart Pharmacy Stores located in USA which is non-core business.

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The Save Mart Pharmacy Stores is being owned by Natco Pharma Inc., a wholly-owned subsidiary of the company, the release added.

The stock opened at Rs 405 and touched a high of Rs 425. At 12:25pm, over 1.48 million shares were traded on both the stock exchanges.