Novartis India jumps as board to consider buyback proposal

Novartis India surged 5.12% to Rs 682 at 09:25 IST on BSE after the company scheduled a board meeting on 25 September 2017 to consider a buyback proposal of equity shares.

The announcement was made after market hours yesterday, 20 September 2017.

Meanwhile, the S&P BSE Sensex was up 35.30 points, or 0.11% at 32,435.81. The S&P BSE Small-Cap index was up 57.37 points, or 0.34% at 16,928.21.

On the BSE, 61,000 shares were traded on the counter so far as against the average daily volumes of 11,452 shares in the past one quarter. The stock had hit a high of Rs 697.30 and a low of Rs 680 so far during the day. The stock had hit a 52-week high of Rs 758 on 18 April 2017 and hit a 52-week low of Rs 579 on 11 August 2017.

The small-cap company has equity capital of Rs 14.07 crore. Face value per share is Rs 5.

Novartis India announced that a meeting of the board of directors of the company will be held on 25 September 2017, to 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 law.

Novartis India's net profit dropped 63.14% to Rs 7.03 crore on 32.98% decrease in net sales to Rs 114.81 crore in Q1 June 2017 over Q1 June 2016.

Novartis India has core businesses in pharmaceuticals, vaccines, consumer health, generics, and eye care. Novartis AG holds 73.4% stake in Novartis India (as per the shareholding pattern as on 30 June 2017).

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