Sun Pharma, Ranbaxy Laboratories hit new high

Shares of Sun Pharma surged 4.4% to Rs 933, while Ranbaxy Laboratories rallied nearly 5% to Rs 698 on NSE.

Shares of Sun Pharmaceutical Industries and Ranbaxy Laboratories have hit their respective lifetime high and are up over 4% each on NSE after Sun Pharma’s US subsidiary, Taro Pharmaceutical Industries, reported a strong 49% year on year growth in net profit to $143.4 million for the quarter ended September 2014.

Shares of Sun Pharma has surged to its new high at Rs 933, up 4.4%, while Ranbaxy Laboratories rallied nearly 5% to Rs 698, also its record high on NSE.

Meanwhile, the board of directors of Sun Pharma is schedule to meet on Thursday, November 13, 2014, to consider the un-audited financial results of the company for the second quarter ended September 30, 2014 (Q2).

Ranbaxy Laboratories, already announced its September quarter results, and had reported a consolidated net profit of Rs 478 crore for the quarter ended September. It was the first profit in the past six quarters, on the back of exclusive sales of a generic blood pressure drug in the US.

The drug maker, in the process of being acquired by Sun Pharmaceutical Industries, had a loss of Rs 454 crore in the same quarter a year before, when it took a foreign exchange charge of Rs 360 crore.