Sun Pharma gains after Taro reports good Q2 earnings

Sun Pharmaceutical Industries rose 2.75% to Rs 916.20 at 11:48 IST on BSE after the company's foreign unit Taro Pharmaceutical Industries reported good results for the quarter ended 30 September 2013.

Meanwhile, the BSE Sensex was down 31.88 points, or 0.11%, to 27,836.75.

On BSE, so far 1.70 lakh shares were traded in the counter, compared with an average volume of 2.04 lakh shares in the past one quarter.

The stock hit a high of Rs 932 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 898 so far during the day. The stock hit a 52-week low of Rs 552.50 on 14 March 2014.

The stock had outperformed the market over the past one month till 7 November 2014, rising 6.55% compared with 6.08% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 17.46% as against Sensex's 8.91% rise.

The large-cap company has an equity capital of Rs 207.12 crore. Face value per share is Re 1.

Sun Pharmaceutical Industries' US-listed Israeli unit Taro Pharmaceutical Industries (Taro)'s net profit jumped 48.9% to $143.4 million on 22.2% growth in net sales to $250.8 million in Q2 September 2014 over Q2 September 2013. Operating income increased $40 million to $160.3 million, or 63.9% of net sales in Q2 September 2014, compared to 58.6% of net sales in Q2 September 2013.

Taro Pharmaceutical Industries is a multinational, science-based pharmaceutical company, dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products.

Sun Pharmaceutical Industries will announce Q2 results on 13 November 2014. The company reported consolidated net profit of Rs 1390.51 crore in Q1 June 2014 as compared to net loss of Rs 1276.10 crore in Q1 June 2013. Net sales rose 12.8% to Rs 3926.85 crore in Q1 June 2014 over Q1 June 2013.

Sun Pharmaceutical Industries is an international specialty pharmaceutical company.

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