Sun Pharma crosses Rs 1,000 mark, hits new high

The stock as outperformed the market by surging 37% so far in 2013 compared to 4% rise in benchmark Sensex.

Sun Pharmaceutical Industries has moved higher by 4%, crossing Rs 1,000 mark, at Rs 1,013 on the National Stock Exchange (NSE). The stock opened at Rs 978 and has seen a combined 807,017 shares changing hands on the counter till 1259 hours on NSE and BSE. The stock is currently trading at its historic high price on the bourses.

The country’s most valued pharmaceutical company has outperformed the market by surging 37% so far in current calendar year 2013 compared to 4% rise in benchmark Sensex. Sun Pharma said that its proposal to hive off its domestic formulations business in favour of Sun Pharma Laboratories Ltd (SPLL) has been approved by the High Courts of Gujarat and Mumbai.

Meanwhile, the company will announce results for the fourth quarter and the financial year ending March 31, 2013 on May 28, 2013. According to analyst at Angel Broking, the pharma major is likely to clock 20.2% year-on-year (yoy) growth on the sales front, led by both exports and domestic sales. The net profit is likely to grow 21.5% yoy during the quarter.