Business IdeasNovartis gains on plans of Alcon buy
Novartis has ended the day at Rs 572, stronger by Rs 14 or 2.6%, on the BSE.
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The stock had touched a high of Rs 600 and a low of Rs 565 during the course of the day.
A total of 12,493 shares were traded on the counter as against the two-week average of 3,783 shares.
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(Updated at 0955am)
Novartis India has gained 4% in morning trades on plans to buy a majority stake in Alcon.
The stock opened at the day"s high of Rs 600 - which is also the 52-week high. It is now up 4% at Rs 580. Around 2,113 shares have been traded on the BSE so far.
Drug major, Novartis plans to buy a majority stake in the world"s largest eye-care company, Alcon. Novartis today agreed to pay $28.1 billion (nearly Rs 1.3 lakh crore) to raise its stake in Alcon — a $6.3-billion (nearly Rs 30,000-crore) turnover, 65-year-old company — to 77%. Nestle had bought Alcon in 1977 for $280 million. It sold a 25 per cent stake in the company to Novartis in 2008 for $10.4 billion.