Sun Pharma rises on bargain hunting; shrugs weak Q3 show by Taro

Sun Pharmaceutical Industries advanced 1.58% to Rs 424.10 on bargain hunting after a recent slide.

Shares of Sun Pharma fell 7.76% in five sessions to end at Rs 417.50 on Monday (3 February) from a recent closing high of Rs 452.65 recorded on 28 January 2020.

Meanwhile, Sun Pharma's subsidiary, Taro Pharmaceutical Industries (Taro), announced its earnings for the quarter ended on 31 December 2019 on Monday, 3 February 2020.

Taro's net sales declined 16.27% to $147,683 thousand in the December quarter as compared to $176,381 thousand reported last year, primarily the result of competition.

Research and development (R&D) expenses rose by 1.83% to $14,996 thousand in December quarter from 14,726 reported in the same period last year.

Net income attributable to Taro stood at $67,682 thousand in the December quarter, down by 27.62% from $93,506 recorded in the corresponding period last year.

Shares of Taro Pharmaceutical Industries ended 1.8% lower in Monday's session on the Nasdaq at $79.22 a piece.

As per Sun Pharma's Annual Report 2018-19, the company holds 76.54% stake in Taro Pharmaceutical Industries.

Taro develops, manufactures and markets prescription and OTC pharmaceutical products primarily in the United States, Canada and Israel. Taro's primary areas of focus include pediatric creams and ointments, liquids, capsules and tablets, mainly for the dermatological, topical, cardiovascular, neuropsychiatric and anti-inflammatory therapeutic categories.

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