Sun Pharma surges after US subsidiary posts strong FY 2016 results

Sun Pharmaceutical Industries surged 4.57% to Rs 815.70 at 12:17 IST on BSE after the company's US subsidiary Taro Pharmaceutical Industries posted strong results for the financial year ended 31 March 2016.

Meanwhile, the S&P BSE Sensex was up 180.06 points or 0.68% at 26,546.74.

On BSE, so far 1.43 lakh shares were traded in the counter as against average daily volume of 7.59 lakh shares in the past one quarter. The stock hit a high of Rs 817.75 and a low of Rs 792 so far during the day. The stock had hit a 52-week high of Rs 1,003.65 on 27 May 2015. The stock had hit a 52-week low of Rs 706.40 on 24 November 2015. The stock had underperformed the market over the past one month till 26 May 2016, sliding 4.18% compared with Sensex's 1.38% rise. The scrip had also underperformed the market in past one quarter, declining 10.45% as against Sensex's 13.87% rise.

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

Taro Pharmaceutical Industries' (Taro) net profit rose 11.69% to $540.9 million on 10.2% growth in net sales to $950.8 million in the year ended 31 March 2016 (FY 2016) over the year ended 31 March 2015 (FY 2015). The result was announced yesterday, 26 May 2016.

Reports suggested that Taro contributes around 32% of the US turnover of Sun Pharmaceutical Industries (Sun Pharma).

Sun Pharmaceutical Industries' consolidated net profit jumped 258.3% to Rs 1416.60 crore on 2.3% rise in net sales to Rs 7046.57 crore in Q3 December 2015 over Q3 December 2014. The company is scheduled to announce its Q4 March 2016 results on 30 May 2016.

Sun Pharmaceutical Industries is a specialty generic pharmaceutical company and India's top pharmaceutical company.

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