Natco Pharma to consider share buyback on 8 March; stock ends 2.44% higher
1 min read . Updated: 02 Mar 2023, 05:24 PM IST
Premium- Shares of the company ended 2.44 per cent higher at ₹551.80 apiece on the BSE today
Hyderabad-based drug firm Natco Pharma on Thursday said the board of directors will consider a proposal for buyback of fully paid up equity shares of the company of face value of ₹2 each on Wednesday, 8 March, 2023.
"A meeting of the Board of Directors of the Company is scheduled to be held on Wednesday, the 8th day of March 2023, inter alia, to consider a proposal for buyback of fully paid up equity shares of the Company of face value of Rs. 2 each as well as matters related/ incidental thereto," the drug firm said in an exchange filing.
Natco Pharma's consolidated net profit declined by 22 per cent to ₹62 crore for the third quarter ended 31 December, 2022. The Hyderabad-based drug firm had reported a net profit of ₹80 crore in the October-December quarter of last fiscal.
Total income of the company stood at ₹513 crore in the period under review as compared with ₹591 crore in the year-ago period that had a one-time licensing revenue.
The company's board has also approved an interim dividend of ₹1.25 per share for the quarter ended 31 December, 2022.
Shares of the company ended 2.44 per cent higher at ₹551.80 apiece on the BSE today.