Sun Pharma slides after uninspiring Q1 results from US subsidiary Taro Pharma

Sun Pharmaceutical Industries lost 3.22% to Rs 791 at 10:43 IST on BSE after the company's US subsidiary Taro Pharmaceutical Industries yesterday, 10 August 2016, announced uninspiring Q1 June 2016 results.

Meanwhile, the S&P BSE Sensex was up 18.12 points or 0.07% at 27,793.

On BSE, so far 1.77 lakh shares were traded in the counter as against average daily volume of 2.87 lakh shares in the past one quarter. The stock hit a high of Rs 817 and a low of Rs 785.70 so far during the day. The stock had hit a 52-week low of Rs 706.40 on 24 November 2015. The stock had hit a 52-week high of Rs 965.15 on 20 August 2015. The stock had outperformed the market over the past one month till 10 August 2016, gaining 4.98% compared with 2.39% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, advancing 1.86% as against Sensex's 7.77% rise.

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 rose 6.08% to $109.9 million on 8.6% increase in net sales to $233.8 million in Q1 June 2016 over Q1 June 2015. The quarter (Q1 June 2016) witnessed slight decrease in the volumes over corresponding previous period. Net sales in Q1 June 2015 were negatively impacted by a $14 million provision for price protections.

Kal Sundaram, Taro's CEO stated that the company's increased R&D investment reflects its continuing focus on developing a strong product pipeline. Sales from new products are beginning to accelerate, however they continue to experience increased competitive intensity, Sundaram said.

Sun Pharmaceutical Industries is scheduled to announce Q1 June 2016 results tomorrow, 12 August 2016. The company's 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.

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

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