Sun Pharma gains after completing divestment of 7 brands to RPG

Sun Pharmaceutical Industries rose 0.46% to Rs 750.20 at 12:06 IST on BSE after the company said it completed the divestment of its seven prescription brands in India to RPG Life Sciences.

The announcement was made after market hours on Friday, 21 October 2016.

Meanwhile, the BSE Sensex was up 59.06 points, or 0.21%, to 28,136.24.

On BSE, so far 47,000 shares were traded in the counter, compared with average daily volume of 2.80 lakh shares in the past one quarter. The stock hit a high of Rs 754.95 and a low of Rs 746.45 so far during the day. The stock hit a 52-week high of Rs 909.90 on 27 October 2015. The stock hit a 52-week low of Rs 706.40 on 24 November 2015. The stock had underperformed the market over the past 30 days till 21 October 2016, falling 5.05% compared with 2.42% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 5.20% as against Sensex's 0.99% rise.

The large-cap company has equity capital of Rs 240.68 crore. Face value per share is Re 1.

Sun Pharmaceutical Industries (Sun Pharma) said it completed the divestment of its seven prescription brands in India to RPG Life Sciences. This has been done after receiving approval of the Competition Commission of India (CCI) and completion of all the necessary formalities for closure of the transaction, Sun Pharma said in a filing.

On 27 July 2016, Sun Pharma had informed that it had signed an pact with RPG Life Sciences to divest seven brands in India, owned by Sun Pharma and its subsidiary, for a consideration of Rs 41 crore.

Sun Pharma's consolidated net profit surged 265.8% to Rs 2033.71 crore on 22.7% growth in net sales to Rs 8006.68 crore in Q1 June 2016 over Q1 June 2015.

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

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