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Sun Pharma gains ahead of Q2 results

The company may report 29% y-o-y growth in its consolidated net profit at Rs 772 crore in Q2.

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Sun Pharmaceutical Industries is trading higher by 2% at Rs 712 in otherwise subdued market ahead of September quarter earnings later today.

The stock opened at Rs 700 and hit a high of Rs 714 on the NSE. A combined 684,427 shares have changed hands on the counter so far against an average 609,000 shares that were traded daily in past ten trading days.

According to an average analyst estimates, may report 29% year-on-year growth in its consolidated net profit at Rs 772 crore in the September 2012 quarter. The company had reported profit of Rs 598 crore in previous year quarter.

“Sun Pharma is likely to report strong revenue growth at 50% led by 18% growth in domestic formulations, 49% growth in Taro US revenues and niche launches in US viz. Lipodex and Stalevo. Operating margins are likely to expand by over 600 bps to 40%,” according to analyst at Emkay Global Financial Services.

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