This pharma small-cap is rallying on Thursday morning!
The company posted robust Q1FY23 results.
The Indian stock market opened on a positive note and has sustained the gains. At 9.30 am, S&P BSE stands at 56,357.82, a gain of 541.5 points or 0.97 per cent while the stock of Novartis India rallied over 12 per cent.
Headquartered in Basel (Switzerland), Novartis is a leading global medicines company. It is a science-based and patient-oriented healthcare company, which strives to be a global leader in the growing areas of healthcare.
In India, the pharmaceutical business of Novartis India Limited is focussed on bone & pain, calcium portfolio, gynaecology & neurosciences while the generics business is focussed on gynaecology, anti-TB, and anti-infective.
On a standalone basis, the company posted the following results:
For the quarter under review (Q1FY23), the net profit climbed 734.08 per cent to Rs 52.38 crore as against Rs 6.28 crore reported during the same quarter last year. Its sales witnessed a surge of 23.25 per cent to Rs 120.92 crore compared to the sales of Rs 98.11 crore reported in Q1FY22.
In a positive market, the stock has skyrocketed by 13.44 per cent and the scrip is trading at Rs 739. The stock has a 52-week high of Rs 999 and a 52-week low of Rs 566.