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.
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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.
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