Novartis is up by 17 percent on Buyback news
DSIJ Intelligence / 24 May 2016
The company's board meeting scheduled on 26th of May will be considering a proposal for buyback of its equity shares. The company may also consider recommending dividends and approve the audited annual accounts for the year ended March 31, 2016.
On Tuesday even as the sectoral benchmark index BSE healthcare closed down by 0.88 percent Novartis stock prices advanced handsomely by 17 percent on news reports of buyback possibility.
The company's board meeting scheduled on 26th of May will be considering a proposal for buyback of its equity shares. The company may also consider recommending dividends and approve the audited annual accounts for the year ended March 31, 2016.
The stock now trades above its 200 Simple Daily Moving Average (SDMA) indicating bullishness in the scrip. The stock has delivered almost 39 percent returns over 1 year period. Over 3 months time period the stock has delivered 28 percent returns. With a market cap of 2662 crores the stock is trading at a P/E multiple of 11. The 52 w high for the stock is 982 and the 52 w low for the scrip is at 600.
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