Sun Pharma recovers from 52-week low

Sun Pharmaceutical Industries rose 3.15% to Rs 655.25 at 14:17 IST on BSE after the company's US subsidiary Taro Pharmaceutical Industries reported better-than-expected Q2 September 2016 results yesterday, 8 November 2016.

Meanwhile, the S&P BSE Sensex was down 358.31 points or 1.3% at 27,232.83.

On BSE, so far 11.83 lakh shares were traded in the counter as against average daily volume of 3.31 lakh shares in the past one quarter. The stock hit a low of Rs 572.40 so far during the day, which is a 52-week low for the counter. The stock hit a high of Rs 668.80 so far during the day. The stock had hit a 52-week high of Rs 898 on 23 February 2016. The stock had underperformed the market over the past one month till 8 November 2016, sliding 15.44% compared with 1.67% fall in the Sensex. The scrip had also underperformed the market in past one quarter, declining 23.73% as against Sensex's 2.1% fall.

The large-cap company has equity capital of Rs 240.68 crore. Face value per share is Rs 1.

Taro Pharmaceutical Industries' (Taro Pharma) net profit fell 7.2% to $123.7 million on 7.9% growth in net sales to $228.8 million in Q2 September 2016 over Q2 September 2015. The top line during the quarter was driven by increased volumes in the US generic business. However, the increase in operating profit was offset by the decrease in foreign exchange income and an increase in tax expense thereby pulling down the bottom line in Q2 September 2016.

Sun Pharmaceutical Industries (Sun Pharma) is set to announce Q2 September 2016 results tomorrow, 10 November 2016. The company's consolidated net profit surged 265.8% to Rs 2033.71 crore on 22.7% growth in net sales to Rs 8006.68 crore in Q1 June 2016 over Q1 June 2015.

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

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