 "Novartis India surges 7% as board mulls share buyback")
Novartis India surged 7% to Rs 697 on BSE in early morning trade after the pharmaceuticals company said that the board will meet on Monday, September 25, 2017 to consider a proposal for buyback of the company's equity shares.
As of June 2017, the promoters held 73.4% stake in Novartis India. The public shareholders holding the remaining 26.6% stake, of which 20.5% holding are with the individual shareholders.
Earlier, in September 2016, Novartis had bought back 3.82 million shares of the company at a price of Rs 760 per share.
Thus far in the calendar year 2017, the stock has underperformed the market by falling 24% as compared to 22% rise in the S&P BSE Sensex till Wednesday.
At 9:37 am, the stock was up 5% at Rs 679 against 0.09% rise in the benchmark index. The trading volumes on the counter jumped an over seven-fold. Around 79,000 shares changed hands on BSE against an average 11,000 shares were traded in past two weeks.
Earlier, in September 2016, Novartis had bought back 3.82 million shares of the company at a price of Rs 760 per share.
Thus far in the calendar year 2017, the stock has underperformed the market by falling 24% as compared to 22% rise in the S&P BSE Sensex till Wednesday.
At 9:37 am, the stock was up 5% at Rs 679 against 0.09% rise in the benchmark index. The trading volumes on the counter jumped an over seven-fold. Around 79,000 shares changed hands on BSE against an average 11,000 shares were traded in past two weeks.
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