Natco Pharma jumps as SC rejects Teva's appeal seeking prevention of a generic drug launch

Natco Pharma surged 7.45% to Rs 769 at 11:48 IST on BSE after the company said that Supreme Court Chief Justice Roberts has denied Teva's application for an injunction seeking to prevent launch of a generic version of Copaxone.

The announcement was made during trading hours today, 21 April 2014.

Meanwhile, the S&P BSE Sensex was up 69.07 points or 0.31% at 22,697.91.

On BSE, so far 78,000 shares were traded in the counter as against average daily volume of 22,586 shares in the past one quarter.

The stock hit a high of Rs 808.15 and a low of Rs 758.30 so far during the day. The stock had hit a record high of Rs 877 on 6 March 2014. The stock had hit a 52-week low of Rs 390 on 16 May 2013.

The stock had underperformed the market over the past one month till 17 April 2014, sliding 13.16% compared with the Sensex's 3.76% rise. The scrip had also underperformed the market in past one quarter, declining 7.54% as against Sensex's 7.43% rise.

The small-cap company has equity capital of Rs 33.07 crore. Face value per share is Rs 10.

Natco Pharma said that Supreme Court Chief Justice Roberts has denied Teva's application for an injunction seeking to prevent launch of a generic version of Copaxone pending the Supreme Court's decision on Teva's appeal. This is the second time that the Chief Justice has denied Teva's request for such an injunction, Natco Pharma said in a statement.

On a consolidated basis, Natco Pharma's net profit rose 32.3% to Rs 29.88 crore on 18.3% growth in net sales to Rs 189.39 crore in Q3 December 2013 over Q3 December 2012.

Natco Pharma manufactures generic dosage forms, bulk actives and intermediates for the Indian and international markets.

Powered by Capital Market - Live News