Sun Pharma gains after divestment of US manufacturing unit

Sun Pharmaceutical Industries rose 1.24% to Rs 778.10 at 09:36 IST on BSE after the company announced selling its manufacturing unit in Ohio to Nostrum Laboratories Inc.

The announcement was made after market hours yesterday, 14 December 2015.

Meanwhile, the BSE Sensex was down 22.34 points, or 0.09%, to 25,128.01

On BSE, so far 42,825 shares were traded in the counter, compared with an average volume of 3.45 lakh shares in the past one quarter.

The stock hit a high of Rs 781.10 and a low of Rs 773.50 so far during the day. The stock hit a record high of Rs 1,200.70 on 7 April 2015. The stock hit a 52-week low of Rs 706.40 on 24 November 2015.

The large-cap company has an equity capital of Rs 240.67 crore. Face value per share is Re 1.

Sun Pharmaceutical Industries (Sun Pharma) yesterday, 14 December 2015 announced that as part of the company's manufacturing consolidation in the US, one of its wholly owned subsidiaries has entered into an agreement with Nostrum Laboratories Inc. (Nostrum) for the divestment of the Bryan (Ohio) unit in the US. As part of the agreement, Sun Pharma's subsidiary has divested Ohio unit as a going concern along with the employees and related products to Nostrum. The financial impact of this development on Sun Pharma is negligible, the company said in a statement.

Sun Pharmaceutical Industries' consolidated net profit fell 46% to Rs 1106.66 crore on 14.7% decline in net sales to Rs 6803.31 crore in Q2 September 2015 over Q2 September 2014.

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

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