Natco Pharma slides on profit booking

Natco Pharma lost 1.85% to Rs 1094.10 at 15:21 IST on BSE, with the stock sliding on profit booking after recent rally.

Meanwhile, the S&P BSE Sensex was down 9.37 points or 0.04% at 25,540.35.

On BSE, so far 1.09 lakh shares were traded in the counter as against average daily volume of 5,653 shares in the past two weeks.

The stock hit a high of Rs 1,164.80 and a low of Rs 1,061 so far during the day.

Shares of Natco Pharma had risen 9.19% in two trading sessions to settle at Rs 1,114.75 on Wednesday, 16 July 2014, from a recent low of Rs 1,020.90 on 14 July 2014.

Natco Pharma after market hours on 15 July 2014 said that the Bombay High Court upheld the compulsory license (CL) granted to the company on Nexavar (sorafenib tosylate) of German drug major Bayer's patented kidney cancer drug.

The Nexavar issue dates back to 9 March 2012, when the then Controller General of Patents issued the first-ever CL to the company to manufacture an affordable generic version of sorafenib tosylate, the anti-cancer drug for which Bayer had obtained a patent.

Natco Pharma's consolidated net profit surged 112.2% to Rs 24.02 crore on 13.1% growth in net sales to Rs 177.86 crore in Q4 March 2014 over Q4 March 2013.

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

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