Novartis India gallops as board to consider buyback

Novartis India surged 10.27% to Rs 784.10 at 11:49 IST on BSE after the company scheduled a board meeting on 26 May 2016 to consider a share buyback proposal.

The announcement was made after market hours yesterday, 23 May 2016.

Meanwhile, the S&P BSE Sensex was down 7.06 points or 0.03% at 25,223.30

On BSE, so far 1.21 lakh shares were traded in the counter as against average daily volume of 16,671 shares in the past one quarter.

The stock hit a high of Rs 818 and a low of Rs 780 so far during the day. The stock had hit a 52-week high of Rs 982 on 20 July 2015. The stock had hit a 52-week low of Rs 600 on 29 February 2016.

The small-cap company has equity capital of Rs 15.98 crore. Face value per share is Rs 5.

Novartis India said that the company's board of directors will also consider a proposal for buyback of the company's equity shares, constitution of buyback committee, and appointment of intermediaries in accordance with all applicable provisions of laws along with the Q4 March 2016 result on 26 May 2016.

Novartis India reported 254.2% rise in net profit of Rs 12.54 crore on 13.9% fall in net sales to Rs 183.38 crore in Q3 December 2015 over Q3 December 2014.

Novartis India has core businesses in pharmaceuticals, vaccines, consumer health, generics, eye care and animal health. Novartis AG holds 75% stake in Novartis India (as per the shareholding pattern as on 31 March 2016).

Powered by Capital Market - Live News