Novartis India Shares End 9-Day Rally, Slip Over 1%

Shares of Novartis India snapped a nine-day winning streak on Friday, declining more than 1% as investors booked profits after a sharp recent run-up. The stock was trading around Rs 2,400 on the National Stock Exchange by early afternoon, down 1.16%. Earlier in the session it had climbed as high as Rs 2,550, a gain of about 5%. The correction comes after an impressive rally that began on August 31. Over those nine sessions the stock surged 52%, driven largely by positive news related to a major trademark acquisition. On September 7 the company informed exchanges that its board had approved the purchase of the “Minipress” and “Minipres” trademarks, along with related intellectual property rights in India, from

er Inc. and Pfizer Products Inc. for a total consideration of Rs 1,250 crore. Following board approval, Novartis India signed an asset purchase agreement and trademark assignment deeds with the Pfizer entities. The deal sparked strong buying interest and propelled the stock higher in subsequent sessions.