Natco Pharma shares were on the up on Friday for a second straight day after the company’s board stated that it will meet to consider a proposal for the buyback of fully paid-up equity shares.

What Happened? The Hyderabad-based pharma company in an exchange filing stated that a meeting of its board of directors is scheduled on March 8 to consider a proposal for a buyback of fully paid-up equity shares of the company.

The company in a recent interaction with analysts had said that it had almost ₹1,030 crore of cash on the books and very little debt except for working capital debt. It was expecting more cash generation next year.

Read next: Why Edelweiss Financial Services’ Shares Are Crashing On Open Today

To add to Natco Pharma’s score this week at the bourses, the company on Wednesday announced the launch of Pomalidomide capsules under its brand Nat-Pomalidomide in Canada.

Natco Pharma recorded consolidated revenue of ₹513.3 crore for the December quarter as against ₹590.7 crore a year ago. Net profit for the period on a consolidated basis was ₹62.3 crore as against ₹80.4 crore in the same period last year.

The company’s board has also approved an interim dividend of ₹1.25 per share for the quarter that ended Dec. 31, 2022.

Price Action: Natco Pharma shares were trading 2.5% higher at ₹567.45 on Friday afternoon, shortly before markets close for trading.

Read Next: Morgan Stanley’s ‘Overweight’ Call Pulls NTPC Back To Green Today