Sun Pharma advances after settling antitrust litigation in US

Sun Pharmaceutical Industries gained 2.35% to Rs 562.60 at 9:35 IST on BSE after the company said it has entered into settlements with certain plaintiffs in re Modafinil Antitrust Litigation matter.

The announcement was made after market hours on Friday, 7 July 2017.

Meanwhile, the S&P BSE Sensex was up 206.30 points or 0.66% at 31,566.93.

On the BSE, 2.45 lakh shares were traded on the counter so far as against the average daily volumes of 4.91 lakh shares in the past one quarter. The stock had hit a high of Rs 567.30 and a low of Rs 552 so far during the day. The stock had hit a 52-week high of Rs 854.50 on 5 August 2017 and a 52-week low of Rs 493 on 29 May 2017.

The stock had outperformed the market over the past one month till 7 July 2017, advancing 7.54% compared with the Sensex's 0.29% rise. The stock had, however, underperformed the market over the past one quarter, declining 17.42% as against the Sensex's 5.57% rise. The scrip had also underperformed the market over the past one year, declining 29.29% as against the Sensex's 15.29% rise.

The large-cap company has equity capital of Rs 239.93 crore. Face value per share is Rs 1.

Sun Pharmaceutical Industries (Sun Pharma) and one of its wholly-owned subsidiaries have entered into settlements with certain plaintiffs in re Modafinil Antitrust Litigation matter currently pending in the United States District Court for the Eastern District of Pennsylvania. The settlements extend to all claims brought by Apotex Corporation and the Retailer Purchaser Plaintiffs. The settlements remain are confidential.

On a consolidated basis, net profit of Sun Pharmaceutical Industries declined 16.7% to Rs 1385.57 crore on 8% decline in net sales to Rs 6825.16 crore in Q4 March 2017 over Q4 March 2016.

Sun Pharmaceutical Industries is the world's fourth largest specialty generic pharmaceutical company and India's top pharmaceutical company.

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