Novartis India rose 1.94% to Rs 815 at 10:34 IST on BSE after the company said that the Foreign Investment Promotion Board approved the proposal made by GlaxoSmithkline Consumer to acquire Novartis India's OTC Division.
The announcement was made after market hours on Friday, 28 August 2015.
Meanwhile, the S&P BSE Sensex was down 41.58 points or 0.16% at 26,350.80.
On BSE, so far 6,016 shares were traded in the counter as against average daily volume of 90,480 shares in the past one quarter.
The stock was volatile. The stock rose as much as 3.18% at the day's high of Rs 825 so far during the day. The stock rose 0.68% at the day's low of Rs 805 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 539.95 on 27 March 2015.
The stock had underperformed the market over the past one month till 28 August 2015, declining 5.48% compared with Sensex's 3.89% fall. The scrip had, however, outperformed the market in past one quarter, surging 19.78% as against Sensex's 4.05% fall.
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The small-cap company has equity capital of Rs 15.98 crore. Face value per share is Rs 5.
Novartis India's net profit declined 6% to Rs 13.45 crore on 6.9% growth in net sales to Rs 215.99 crore in Q1 June 2015 over Q1 June 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 30 June 2015).
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