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Natco Pharma rises after completing investments in OMRV Hospitals

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Natco Pharma gained 0.69% to Rs 586.45 after the company said it completed the investment of Rs 5 crore in OMRV Hospitals.

Natco Pharma completed the investment of Rs 5 crore in OMRV Hospitals in the form of 5 lakh, 0.05% compulsory convertible cumulative preference shares (CCCPS) under private placement. The company will be holding 12.81% of the shares on a fully diluted basis of share capital of OMRV Hospitals. The announcement was made after market hours yesterday, 3 December 2019.

Shares of Natco Pharma fell 1.84% in the past two trading sessions to settle at Rs 582.45 yesterday, 3 December 2019, from its close of Rs 593.40 on 29 November 2019.

Meanwhile, the S&P BSE Sensex was up 101 points or 0.25% to 40,776.85.

On the BSE, average daily volumes of 64,513 shares in the past two weeks traded is almost 54 times as compared with 1,037 shares traded in the counter so far. The stock was trading in the range of Rs 582.45 to Rs 586.55 so far during the day.

On the technical front, the stock's RSI (relative strength index) stood at 57.963. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading above its 50-day moving average (DMA) placed at Rs 574.09, as well as above its 200 DMA placed at Rs 556.57.

Natco Pharma's consolidated net profit fell 35.2% to Rs 117.70 crore on 10.6% decline in net sales to Rs 485.70 crore in Q2 September 2019 over Q2 September 2018.

Natco Pharma is engaged in developing, manufacturing and marketing finished dosage formulations (FDF) and active pharmaceutical ingredients (APIs). The company's segments include active pharmaceuticals ingredient, finished dosage formulations, job works, pharmacy and others.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 04 2019. 10:43 IST