Natco Pharma shares gained as much as 2 per cent in the early trade on Monday after the Reserve Bank of India (RBI) allowed Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) to buy up to 31.50 per cent of the paid up capital of Natco Pharma. Earlier, the FII limit in the company was 24 per cent.
At 10.15 am, Natco Pharma was trading 0.80 per cent higher at Rs 2,268 on BSE. It opened at Rs 2,299 and had touched a high and low of Rs 2,299 and Rs 2,254, respectively, in trade so far. Sensex was down 0.30 per cent at 25,125.21.
However, the scrip closed 3.59 per cent lower at Rs 2,169.40. BSE Sensex closed 308 points down at 24,894.
The company 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.
For the quarter ended June 2015, the company posted a consolidated net profit of Rs 28.23 crore, down 15.63 per cent, against Rs 33.46 crore in the corresponding quarter a year ago.