Sun Pharma slips in volatile trade

Sun Pharmaceutical Industries lost 0.85% to Rs 707.70 at 10:05 IST on BSE, amid intraday volatility after the company announced the launch of BromSite (bromfenac ophthalmic solution) 0.075% in the US market.

The announcement was made after market hours yesterday, 28 November 2016.

Meanwhile, the S&P BSE Sensex was up 98.85 points or 0.38% at 26,449.02.

On BSE, so far 95,000 shares were traded in the counter as against average daily volume of 3.68 lakh shares in the past one quarter. The stock was volatile. The stock lost as much as 1.06% at the day's low of Rs 706.20 so far during the day. The stock rose as much as 1.14% at the day's high of Rs 721.95 so far during the day. The stock had hit a 52-week high of Rs 898 on 23 February 2016. The stock had hit a 52-week low of Rs 572.40 on 9 November 2016. The stock had outperformed the market over the past one month till 28 November 2016, sliding 4.03% compared with the Sensex's 5.7% fall. The scrip had, however, underperformed the market in past one quarter, declining 5.58% as against the Sensex's 5.15% fall.

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

A nonsteroidal anti-inflammatory drug (NSAID) indicated for the treatment of postoperative inflammation and prevention of ocular pain in patients undergoing cataract surgery, BromSite will be marketed by Sun Ophthalmics, the company's branded ophthalmic business solution. BromSite is the first branded product launched by the company in the US, following its focus on Specialty business.

On a consolidated basis, Sun Pharmaceutical Industries' net profit rose 117.3% to Rs 2235.14 crore on 13.2% growth in net sales to Rs 7764.03 crore in Q2 September 2016 over Q2 September 2015.

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

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