Sun Pharma moves up after raising stake in Russia's PJSC Biosintez

Sun Pharmaceutical Industries rose 1.95% to Rs 465 at 14:56 IST on BSE after the company said its subsidiary hiked stake in Russia's PJSC Biosintez.

The announcement was made after market hours yesterday, 13 March 2019.

Meanwhile, the S&P BSE Sensex was down 15.60 points, or 0.04% to 37,736.57.

On the BSE, 7.36 lakh shares were traded in the counter so far compared with average daily volumes of 4.87 lakh shares in the past two weeks. The stock had hit a high of Rs 468.40 and a low of Rs 456.30 so far during the day. The stock hit a 52-week high of Rs 678.80 on 6 September 2018. The stock hit a 52-week low of Rs 375.40 on 18 January 2019.

Sun Pharmaceutical Industries said that its wholly-owned subsidiary has increased its shareholding in PJSC Biosintez, Russia, by purchasing 33,958 shares (30,221 ordinary shares and 3,737 preferred shares) equivalent to 11.86% of PJSC Biosintez under mandatory tender offer for $3.21 million. Post completion of this purchase of shares, the total holding of wholly owned subsidiary company increased from 85.10% to 96.96% in PJSC Biosintez.

On a consolidated basis, Sun Pharmaceutical Industries' net profit rose 310% to Rs 1,461.03 crore on 16.04% increase in net sales to Rs 7,656.71 crore in Q3 December 2018 over Q3 December 2017.

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

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