Novartis India swings to quarterly profit, shares up over 8%

Novartis India

11/05/2023 05:57

** Shares of Novartis India Ltd  NOIN.NS  rise as much as
8.68% to 688.89 rupees; on track for fourth straight session of
gains, if trend holds
    ** Pharma firm reports profit of 250.2 mln rupees ($3.1 mln)
in March quarter, compared to a loss of 233.7 mln rupees a year
earlier
    ** Approves one-time special dividend of 37.50 rupees per
share and final dividend of 10 rupees per share 
    ** Stock most active in nearly five months with a trading
volume of 99,934 shares as of 10:15 a.m. IST, more than 10x the
30-day avg
    ** The relative strength index of the stock is 82,
suggesting it may be overbought - Refinitiv data
    


($1 = 81.7800 Indian rupees)

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))