Sun Pharmaceutical Industries rose 1.28% to Rs 794 at 10:17 IST on BSE on reports a foreign brokerage has maintained 'buy' rating on the stock.
Meanwhile, the BSE Sensex was up 87.79 points, or 0.35%, to 24,939.62.
On BSE, so far 78,000 shares were traded in the counter, compared with an average volume of 3.11 lakh shares in the past one quarter. The stock hit a high of Rs 805 and a low of Rs 791.30 so far during the day. The stock hit a 52-week 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 stock had outperformed the market over the past one month till 7 January 2016, rising 0.86% compared with 2.66% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 15.34% as against Sensex's 8.08% fall.
The large-cap company has an equity capital of Rs 240.67 crore. Face value per share is Re 1.
According to reports, the brokerage suggested that Sun Pharmaceutical Industries is a high conviction idea in Indian pharma space. The brokerage reportedly expects 72% year-on-year (YoY) growth in the company's earnings per share (EPS) in the financial year ending 31 March 2017 (FY 2017).
The brokerage said that the company's EPS in FY 2017 will be driven by Gleevec generic launch in the United States and synergy benefits with Ranbaxy that merged with effect from April 2015. Other catalysts for company's growth include early resolution of Halol warning letter, potential clearance of Ranbaxy's Mohali plant and positive phase III data read of novel psoriasis drug Tildrakizumab, the brokerage reportedly said.
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 a specialty generic pharmaceutical company and India's top pharmaceutical company.
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