Shares of Natco Pharma Ltd gained over 2% today after the board of the pharma major approved buyback of maximum 30 lakh shares representing 1.64 percent equity for Rs 700 per share worth Rs 210 crore via open market. Shares of Natco Pharma gained up to 2.45% to Rs 580 against the previous close of Rs 566.15 on BSE.
The stock of the pharma major has gained 1.62% this year and lost 32.86% in the last one year. Total 0.13 lakh shares of the firm changed hands amounting to a turnover of Rs 72.19 lakh on BSE. Market cap of Natco Pharma rose to Rs 10,396 crore.
In terms of technicals, the relative strength index (RSI) of Natco Pharma stands at 68.5, signaling it’s trading neither in the overbought zone nor in the oversold zone. Natco Pharma stock has a one-year beta of 0.4, indicating very low volatility during the period. Natco Pharma shares are trading higher than the 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages.
The stock hit a 52 week high of Rs 920 on March 8, 2022 and a 52 week low of Rs 502 on February 2, 2023.
“If the shares are bought back at a price below the maximum buyback price, the total number of shares could exceed the indicative maximum buyback shares but will still be subject to the maximum buyback size which represents 5.13 percent and 5.04 percent of the aggregate of total paid-up capital and free reserves of the Company. The maximum buyback size will not include any other expenses incurred for the buyback like filing fees payable to SEBI,” said the firm in a communication to bourses.
“Maximum buyback size shall not include any other expenses incurred or to be incurred for the buyback like filing fees payable to SEBI, advisors’ fees, stock exchange fee for usage of their platform for Buyback, brokerage, costs, fees, turnover charges, applicable taxes such as buyback tax, securities transaction tax, Goods and Services Tax (if any), stamp duty, etc., public announcement publication expenses and other incidental and related expenses and charges,” it added.
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