Sun Pharma gains after subsidiaries cancel wind energy project investment in US

Sun Pharmaceutical Industries jumped 4.11% to Rs 737 at 15:45 IST on BSE after the company said that after a further evaluation, some of the company's subsidiaries have decided not to proceed with investment in a wind energy project in the US.

The company made announcement after market hours on Tuesday, 24 November 2015. The market remained closed yesterday, 25 November 2015, due to holiday on account of Gurunanak Jayanti.

Meanwhile, the S&P BSE Sensex was up 190.78 points or 0.74% at 25,966.52.

On BSE, so far 4.73 lakh shares were traded in the counter as against average daily volume of 2.93 lakh shares in the past one quarter.

The stock hit a high of Rs 789.80 and low of Rs 715.50 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 706.40 on 24 November 2015.

The stock had underperformed the market over the past one month till 24 November 2015, declining 20% compared with Sensex's 6.17% fall. The scrip had also underperformed the market in past one quarter, dropping 20.56% as against Sensex's 0.13% rise.

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

Sun Pharmaceutical Industries said that earlier, some of the company's subsidiaries were contemplating an investment in a wind energy project in the US.

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 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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