Shares of Novartis India Ltd. gained the most in nine months after the company reported a profit in the fourth quarter compared to a loss a year earlier.
The pharmaceutical company recorded a net profit of Rs 23.3 crore in the quarter ended March, compared to a loss of Rs 31.35 crore in the same quarter a year earlier. It posted a net profit of Rs 14.24 crore in Q3 FY23. Total income declined 17.87% year-on-year to Rs 92.5 crore but was higher than the total income of Rs 88.53 crore in the third quarter of FY23.
The total comprehensive income rose fourfold quarter-on-quarter to Rs 28.13 crore in Q4 of FY23.
The board of directors also recommended a final dividend of Rs 10 per equity share of the face value of Rs 5 each and a one-time special dividend of Rs 37.50 per equity share on the occasion of the company's 75th anniversary.
The total dividend amounts to Rs 47.50 per equity share of the face value of Rs 5 each.
Shares of the company rose 5.28% to Rs 667.35 apiece as of 10:40 a.m., compared to the rise in the benchmark NSE Nifty 50 by 0.14%.
The stock gained as much as 8.68% intraday, rising the most since July 28' 2022, while it is down 1.31% year-to-date.
Total traded volume so far in the day stood at 38.7 times its 30-day average.
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