Natco Pharma rose 1% to Rs 2.272 at 9:55 IST on BSE after the central bank allowed foreign investors to buy up to 31.50% of the paid-up equity capital of the company.
Meanwhile, the BSE Sensex was down 97.19 points, or 0.39%, to 25,104.71.
On BSE, so far 2,982 shares were traded in the counter, compared with an average volume of 12,287 shares in the past one quarter.
The stock hit a high of Rs 2,299 and a low of Rs 2,254 so far during the day. The stock hit a record high of Rs 2,709 on 7 April 2015. The stock hit a 52-week low of Rs 1,245.40 on 20 October 2014.
The stock had outperformed the market over the past one month till 4 September 2015, falling 2.98% compared with 10.22% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 6.80% as against Sensex's 6.01% decline.
The mid-cap company has an equity capital of Rs 33.23 crore. Face value per share is Rs 10.
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The Reserve Bank of India (RBI) on Friday, 4 September 2015, notified that foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now invest up to 31.50% of the paid up capital of Natco Pharma under the Portfolio Investment Scheme (PIS). RBI said the purchases could be made through primary market and stock exchanges.
Natco Pharma has passed resolutions at its board of directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs in the company to 31.5% from 24% earlier.
On a consolidated basis, net profit of Natco Pharma declined 15.63% to Rs 28.23 crore on 14.18% rise in net sales to Rs 222.14 crore in Q1 June 2015 over Q1 June 2014.
Natco Pharma manufactures generic dosage forms, bulk actives and intermediates for the Indian and international markets.
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