Natco Pharma Gains on Board’s Nod for Sale of Non-Core Business

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Mumbai: Shares of drug firm Natco Pharma jumped up to 7 per cent today after the company’s board approved the sale of ‘Save Mart Pharmacy Stores’ in the US, which is a non-core business of the firm.

Natco stock surged 6.51 per cent to Rs 425.20 on BSE.

Similar movement was seen on NSE as the shares of the company climbed 6.85 per cent to Rs 424.90.

The board has approved sale of the US stores – a non-core business of the company, Natco Pharma had said in a regulatory filing yesterday.

The stores are owned by Natco Pharma Inc, a wholly-owned subsidiary of the company.

The firm did not disclose financial details as well as reasons for the sale of the assets.