Drug nod shot in the arm for Novartis

Dalal Street Spikes

 More than 2.27 lakh shares were traded on the BSE. The counter moved up on good buying interest on reports that the company has bagged exclusive marketing rights for an anti-cancer drug.

 The approval is for the drug Glivec, a breakthrough anti-cancer drug to tackle types of chronic myeloid leukemia (CML) and stomach cancer.

 In the second quarter ended September 30, 2003, the company reported a 16.8 per cent fall in net profit to Rs 26.45 crore (Rs 31.82 crore).