Sun Pharmaceutical Industries rose 0.8% to Rs 841.75 at 10:15 IST on BSE after the company said that one of its subsidiaries received final approval from USFDA for its abbreviated new drug application for generic version of Glumetza tablets.
The announcement was made during market hours today, 2 August 2016.Meanwhile, the S&P BSE Sensex was up 74.32 points, or 0.27%, to 28,077.44.
On BSE, so far 50,000 shares were traded in the counter, compared with an average daily volume of 2.86 lakh shares in the past one quarter. The stock hit a high of Rs 848 and a low of Rs 838 so far during the day. The stock hit a 52-week high of Rs 965.15 on 20 August 2015. The stock hit a 52-week low of Rs 706.40 on 24 November 2015. The stock had outperformed the market over the past one month till 1 August 2016, rising 9.31% compared with 3.16% rise in the Sensex. The scrip had underperformed the market in past one quarter, rising 2.93% as against Sensex's 9.36% rise.
The large-cap company has an equity capital of Rs 240.68 crore. Face value per share is Re 1.
Sun Pharma said that the drug is likely to be commercially launched in the US over the next few weeks. Glumetza tablets are indicated to improve glycemic control in adults with type 2 diabetes mellitus. As per IMS MAT June 2016 data, Glumetza tablets had annual sales of approximately $1.2 billion in the US.
Sun Pharmaceutical Industries' consolidated net profit rose 92.7% to Rs 1713.69 crore on 21.5% growth in net sales to Rs 7413.87 crore in Q4 March 2016 over Q4 March 2015. The company is scheduled to announce Q1 results on 12 August 2016.
Sun Pharmaceutical Industries is the world's fifth largest specialty generic pharmaceutical company and India's top pharmaceutical company.
Powered by Capital Market - Live News