Sun Pharma shares surge 6 pc on strong Q2 results

Shares of Sun Pharmaceutical Industries today surged over 6 per cent in morning trade on the bourses after the drug major posted a two-fold jump in second quarter net profit.
Sun Pharmaceutical on November 10 reported an over two-fold jump in consolidated net profit at Rs 2,235.14 crore for the September quarter mainly on account of robust sales in India and overseas.
Reacting to the numbers, shares of the company jumped 6.15 per cent to touch an early high of Rs 708 apiece on BSE.
Similar movement was seen on NSE as well where the stock opened at Rs 690, then surged 6.27 per cent to touch an early high of Rs 708 apiece.

The uptick in the counter assumes significance as the broader market was trading in the negative territory.
Company's consolidated total income from operations also rose to Rs 8,265.12 crore as against Rs 6,873.29 crore for the corresponding period of the previous fiscal.
"The synergies from the Ranbaxy acquisition are gaining momentum and we are on track to achieve the targeted benefits. These synergies will continue to help in funding our emerging specialty businesses," Sun Pharmaceutical Industries MD Dilip Shanghvi said.