Sun Pharma dips after fall in Taro's profit
Taro's April-June quarter net income declined by 6.5% at $58.8 million against $62.9 million in year ago quarter.
Sun Pharmaceutical Industries is trading lower by 3.3% at Rs 507after its Israel subsidiary Taro Pharmaceutical Industries has reported a 6.5% year-on-year drop in its net profit for the quarter ended June 30, 2013 (Q1).
The company’s net income for the three month period ended June 30, 2013 declined to $58.8 million from $62.9 million in the year ago quarter, Taro Pharma said in statement.
Net sales for the quarter declined 3.8% to $153.2 million from $159.2 million during the corresponding quarter of previous fiscal, it added.
Meanwhile, Sun Pharma will announce its first quarter earnings on tomorrow (August 9).
The stock opened at Rs 512 and hit a low of Rs 495 on NSE. A combined 2.48 million shares changed hands on the counter till noon deals on NSE and BSE.
The company’s net income for the three month period ended June 30, 2013 declined to $58.8 million from $62.9 million in the year ago quarter, Taro Pharma said in statement.
Net sales for the quarter declined 3.8% to $153.2 million from $159.2 million during the corresponding quarter of previous fiscal, it added.
Meanwhile, Sun Pharma will announce its first quarter earnings on tomorrow (August 9).
The stock opened at Rs 512 and hit a low of Rs 495 on NSE. A combined 2.48 million shares changed hands on the counter till noon deals on NSE and BSE.
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First Published: Aug 08 2013 | 11:55 AM IST