Natco Pharma zooms on getting nod to incorporate subsidiary company in Indonesia
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Natco Pharma is currently trading at Rs. 570.70, up by 16.95 points or 3.06% from its previous closing of Rs. 553.75 on the BSE.
The scrip opened at Rs. 567.95 and has touched a high and low of Rs. 575.70 and Rs. 555.85 respectively. So far 6165 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 803.00 on 29-Apr-2022 and a 52 week low of Rs. 502.00 on 02-Feb-2023.
Last one week high and low of the scrip stood at Rs. 575.70 and Rs. 550.45 respectively. The current market cap of the company is Rs. 10399.20 crore.
The promoters holding in the company stood at 48.84%, while Institutions and Non-Institutions held 27.28% and 23.87% respectively.
Natco Pharma has received an approval from the Board of Directors to incorporate a Subsidiary Company in Indonesia with an investment up to an amount not exceeding $3 million, of which, initially the company will invest $1 million for a stake of 51% as capital contribution and balance will be invested by the company as and when the funds are required by the subsidiary Company.
The balance stake of 49% will be held by PT. Mitra Medis Exim (MME), that belongs to Mitra Jaya Group which is a 40 year old multi-diversified group, as the co-promoter of the proposed subsidiary Company. MME is in the business of distribution for active pharmaceutical ingredients and excipients for the end users in Indonesia.
Natco Pharma was promoted as a private company to be in the business of research, developing, manufacturing and marketing of pharmaceutical substances and finished dosage forms for Indian and International markets.
