Sun Pharma gains after completing acquisition of opiates business in Australia

Sun Pharmaceutical Industries rose 1.57% to Rs 911.75 at 10:27 IST on BSE after the company announced that it has successfully completed the acquisition of opiates business in Australia from GSK.

The announcement was made before market hours today, 1 September 2015.

Meanwhile, the S&P BSE Sensex was down 215.14 points or 0.82% at 26,067.95.

On BSE, so far 84,000 shares were traded in the counter as against average daily volume of 3.85 lakh shares in the past one quarter.

The stock hit a high of Rs 912.40 and a low of Rs 883.40 so far during the day. The stock had hit a record high of Rs 1,200.70 on 7 April 2015. The stock had hit a 52-week low of Rs 748.15 on 26 September 2014.

The stock had outperformed the market over the past one month till 31 August 2015, advancing 9.11% compared with Sensex's 6.51% fall. The scrip had, however, underperformed the market in past one quarter, declining 7.05% as against Sensex's 5.55% fall.

The large-cap company has equity capital of Rs 240.65 crore. Face value per share is Re 1.

Sun Pharmaceutical Industries said that the company now offers a rich basket of opiates product line. The opiates product line complements the company's large active pharmaceutical ingredients (API) portfolio and dosage formulations covering a broad range of chronic and acute prescription drugs.

Sun Pharmaceutical Industries' consolidated net profit dropped 60.2% to Rs 478.96 crore on 3.3% growth in net sales to Rs 6522.16 crore in Q1 June 2015 over Q1 June 2014.

Sun Pharmaceutical Industries manufactures specialty and generic medicines, targeting a wide spectrum of chronic and acute treatments. The therapeutic segments include psychiatry, anti-infectives, neurology, cardiology, orthopaedic, diabetology, gastroenterology, ophthalmology, nephrology, urology, dermatology, gynaecology, respiratory, oncology, dental and nutritionals.

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