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Business News/ Markets / Stock Markets/  Novartis India share price surges nearly 11% to hit a 52-week high as Novartis AG announces sale plans for the co
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Novartis India share price surges nearly 11% to hit a 52-week high as Novartis AG announces sale plans for the co

Novartis AG's 70.68 percent stake in the business will be evaluated as part of the strategic review, the pharmaceutical giant stated in a statement.

Novartis India share price today opened at an intraday high of ₹1,148 apiece on BSE. Premium
Novartis India share price today opened at an intraday high of 1,148 apiece on BSE.

Novartis India share price surged nearly 11% to touch a 52-week high following the announcement on Friday of a strategic review of the company (Novartis India) by pharmaceutical giant Novartis AG. Novartis India share price today opened at an intraday high of 1,148 apiece on BSE

Ruchit Jain, Lead Research Analyst at 5paisa, said that Novartis has seen a price upmove supported by good volumes in the last couple of sessions. This should keep the momentum intact in the stock, and it could witness buying interest on dips. Traders with existing longs should continue to ride the trend, while the buy-in-dip approach should be kept for fresh buying.

Novartis AG's 70.68 percent stake in the business will be evaluated as part of the strategic review, the pharmaceutical giant stated in a statement.

Also Read: RVNL shares surge 12% on expansion plans; eyes offshore projects in Central Asia and UAE

Novartis Healthcare Pvt Ltd, the Novartis group's wholly-owned subsidiary in India, is not the same as Novartis India Ltd.

Novartis Healthcare Private Limited comprises the Novartis Corporate Centre located in Hyderabad, the commercial division of Novartis in India, as well as research and development teams that presently carry out clinical studies at over 300 trial sites around the nation. There will be no effect of the strategic review on Novartis Healthcare Private Limited.

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In a report, ICICI Direct Research said that Dr. Reddy's has indicated interest in purchasing Novartis India's domestic-focused portfolio, maybe offering a controlling premium in the targeted business, citing information from CNBC TV18. In the background, Novartis's parent company in Switzerland has begun a strategic evaluation of Novartis India Limited, covering a number of aspects, including its about 71% stake in the Indian company. Regarding the development, neither company is committing. Novartis India's portfolio under the India brand is valued between 350 and 400 crore.

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More than 8,100 employees are hired by the organisation in India. Novartis India's FY24 sales was 378.7 crore, and the company has a 2,556.61 crore market capitalization, as per reports.

Offering mostly off-patent branded pharmaceuticals, the company's portfolio serves the cancer, transplants, mature neurology, and bone and pain markets.

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Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

 

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Published: 19 Feb 2024, 11:02 AM IST
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