Pharma Stocks In Focus: Natco Pharma Ltd Leads Rally With Over 4% Surge

Top Gainers In Nifty Pharma: The share price of pharmaceutical major Natco Pharma Ltd rose over 4 per cent to lead the rally witnessed in the Nifty Pharma index, pushing it in green by 0.68 per cent during Monday, June 30, trading session.  

The company boasting a market capitalization of Rs 15,841.37 posted has reportedly witnessed a alteration in its score amid mixed performance reviews that’s aided the upside movement on the NSE bourse. 

Meanwhile, the stock price of Torrent Pharmaceuticals surged as much as 4 per cent to to hit an intrday high of Rs 3478.9 in trade on Monday, June 30, after the pharma giant agrees upon purchasing controlling stake in J.B. Chemicals & Pharmaceuticals Ltd worth Rs 11,917 crore.

The Ahemdabad-headquartered pharma major said the acquisition will happen in two phases – “46.39 per cent equity stake (on a fully diluted basis) through a Share Purchase Agreement (“SPA”) at a consideration of Rs 11,917 crores (Rs 1,600 per share),” according to an exchange filng.

The next would be through an “mandatory open offer to acquire up to 26 per cent of JB Pharma shares from public shareholders at an open offer price of Rs 1,639.18” apiece.

In addition to the above, Torrent has also expressed its intent to acquire up to 2.80 per cent of equity shares from employees of JB Pharma at transaction price. Meawhile, the merger of Torrent with JB Pharma, with Torrent as the surviving listed entity once the scheme is effective.

The other top gainers in the Nifty Pharma index during today’s trading session included Laurus Labs Limited’s share price climbed 3.52 per cent, Gland Pharma Limited surged by 2.45 per cent, Ajanta Pharma Ltd. increased 2.48 per cent, and Glenmark Pharmaceuticals Ltd. rose close to 3 per cent, Divi’s Laboratories Limited surged 2.53 per cent.