Sun Pharma surges over 7%; m-cap rallies Rs 59,439 crore | business | Hindustan Times
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Sun Pharma surges over 7%; m-cap rallies Rs 59,439 crore

business Updated: Aug 12, 2013 20:09 IST
Sun Pharmaceutical

Shares of Sun Pharmaceutical Industries on Monday ended with over 7% gain, adding Rs 59,439 crore to its market value, following about 30% rise in income from operations for the quarter ended June 30.

The scrip ended the day 6.6% higher at Rs 540.55 on the BSE. In the intra-day trade, the stock rallied 8.87 % to Rs 552.10.

At the NSE, the stock surged 7.13% to Rs 541.75.

Market value of the company zoomed by Rs 59,439 crore to Rs 1,11,953 crore.

"Sun Pharma rose 7% after it delivered strong performance, with adjusted profit rising by about 56 % year-on-year," said Milan Bavishi, Head Research, Inventure Growth and Securities.

"The street has been upbeat on this counter for some time now. The stock is showing some weakness in its momentum and that could result in downward pressure or sideways movement," Bavishi added.

Consolidated Q1 total income of the company rose to Rs 3,502.73 crore, from Rs 2,683.47 crore for the same period a year ago.

Sun Pharma had on Friday reported consolidated net loss of Rs 1,276.10 crore for Q1. It had posted net profit after taxes and minority interest of Rs 795.55 crore for the corresponding period in the previous fiscal.

The company had provided Rs 2,517.41 crore (previous year Rs 583.58 crore) as amount payable in terms of the settlement agreement entered on June 11, 2013, with Pfizer Inc USA, Wyeth LLC USA and Nycomed GmbH Germany.

Sales in the US were at $ 364 million for the quarter, up by 28%, from the corresponding period previous fiscal, accounting for 58% of total sales.

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