India's Natco Pharma jumps on increased FY24 profit guidance

Natco Pharma

16/02/2024 07:37

** Shares of Natco Pharma  NATP.NS  rise as much as 17.6% to
1,043.8 rupees; highest levels since Aug. 13, 2021
    ** NATP last up 16.4%
    ** Drug maker raises FY24 PAT guidance to over 12 bln rupees
($144.5 mln) from earlier 10-12 bln rupees
    ** Stock rallying since co reported a more-than-three-fold
jump in Dec-qtr consol net profit on Feb. 14
    ** NATP set for best one-day rise since Oct. 4, 2017, if
gains hold
    ** NATP top pct gainer on the Nifty Pharma index  .NIPHARM ,
which is up 2%
    ** Trading vol is 16x the 30-day daily avg, highest since
Dec. 7, 2011
    ** Avg rating of the 11 analysts is "hold" and median PT is
795 rupees, ~22% lower than current price - LSEG data
    ** Stock rose 44.5% in 2023, after losing for two
consecutive years  





($1 = 83.0225 Indian rupees)

 (Reporting by Anuran Sadhu in Bengaluru)
 ((Anuran.Sadhu@thomsonreuters.com ;))