MARKET EYE-Novartis India up after promoter says to cut stake

Thu Mar 28, 2013 4:53am EDT

* Novartis India Ltd shares gained as much as 10.7
percent after parent Novartis AG said in a statement
it will sell shares of its Indian unit via stock exchanges to
reduce its holding. 
* The sale of shares in Novartis India is intended to comply
with the regulation that at least 25 percent of private
companies shares' must be held by public shareholders by June.
* Novartis India would need to sell a 1.42 percent stake to
comply with those norms. 
* Novartis India shares gain 2.5 percent after earlier falling
to their lowest level since May 17, 2010.
* India's Supreme Court is due to decide on April 1 whether
Novartis AG's cancer treatment Glivec deserves a patent in the
country. 

 (manoj.dharra@thomsonreuters.com;
manoj.dharra.thomsonreuters.com@reuters.net)
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