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.
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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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