Natco Pharma shares climbed over 6 per cent intraday on Thursday after the company approved the sale of ‘Save Mart Pharmacy Stores’ located in US which is a non-core business of the company.
At 11.12 am, shares of Natco Pharma were trading 4.86 per cent up at Rs 418.60. The scrip opened at Rs 405.25 and has touched a high and low of Rs 425.20 and Rs 405.25, respectively, in trade, respectively. The BSE Sensex was trading 126.98 points, or 0.50 per cent, up at 25,465.56.
The stores are owned by Natco Pharma Inc, a wholly owned subsidiary of the company. Nato Pharma however did not disclose financial details as well as reasons for the sale of the assets.
In the past one year, the share price of the company dipped 5.14 per cent to Rs 399.20 on March 30, whereas BSE Sensex slid 9.43 per cent during the same period.
For the quarter ended December 2015, Natco reported a consolidated net profit of Rs 37.15 crore, up 159.07 per cent against Rs 14.34 crore in the same quarter last year.