 "Novartis India surges on share buyback plans")
Novartis India has surged 15% to Rs 818 on the BSE in early morning trade after the pharmaceutical company announced that its board will meet on Thursday, May 26, 2016, to consider a proposal for buyback of the company's equity shares.
Earlier, on May 18, 2016, the company said that a meeting of the board of directors of the company will be held on May 26, 2016, for approval of audited annual accounts for the year ended March 31, 2016 and to recommend dividend for the period mentioned above.
On Monday, after market hours, the company announced that the board will also consider a proposal for buyback of the company's equity shares.
As of March 31, 2016, Novartis AG, the promoter held 75% stake in Novartis India. The remaining 25% stake are with individual shareholders (19.57%), insurance companies (0.89%) and mutual funds (0.46%).
Atul Limited, the agrochemicals company held 1.2% stake in Novartis India, the shareholding pattern data shows.
At 09:20 am, the shares of Novartis India were up 11% at Rs 790 on the BSE compared to 0.11% fall in the benchmark S&P BSE Sensex. Around 26,000 shares already changed hands against an average sub 10,000 shares that were traded daily in past two weeks on the BSE.
Earlier, on May 18, 2016, the company said that a meeting of the board of directors of the company will be held on May 26, 2016, for approval of audited annual accounts for the year ended March 31, 2016 and to recommend dividend for the period mentioned above.
On Monday, after market hours, the company announced that the board will also consider a proposal for buyback of the company's equity shares.
As of March 31, 2016, Novartis AG, the promoter held 75% stake in Novartis India. The remaining 25% stake are with individual shareholders (19.57%), insurance companies (0.89%) and mutual funds (0.46%).
Atul Limited, the agrochemicals company held 1.2% stake in Novartis India, the shareholding pattern data shows.
At 09:20 am, the shares of Novartis India were up 11% at Rs 790 on the BSE compared to 0.11% fall in the benchmark S&P BSE Sensex. Around 26,000 shares already changed hands against an average sub 10,000 shares that were traded daily in past two weeks on the BSE.