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Sun Pharma moves up after raising stake in Russia's PJSC Biosintez

Capital Market 

Industries rose 1.95% to Rs 465 at 14:56 IST on BSE after the company said its subsidiary hiked stake in Russia's

The announcement was made after market hours yesterday, 13 March 2019.

Meanwhile, the S&P was down 15.60 points, or 0.04% to 37,736.57.

On the BSE, 7.36 lakh shares were traded in the counter so far compared with average daily volumes of 4.87 lakh shares in the past two weeks. The stock had hit a high of Rs 468.40 and a low of Rs 456.30 so far during the day. The stock hit a 52-week high of Rs 678.80 on 6 September 2018. The stock hit a 52-week low of Rs 375.40 on 18 January 2019.

Industries said that its wholly-owned subsidiary has increased its shareholding in Biosintez, Russia, by purchasing 33,958 shares (30,221 ordinary shares and 3,737 preferred shares) equivalent to 11.86% of under mandatory tender offer for $3.21 million. Post completion of this purchase of shares, the total holding of wholly owned subsidiary company increased from 85.10% to 96.96% in PJSC

On a consolidated basis, Industries' net profit rose 310% to Rs 1,461.03 crore on 16.04% increase in net sales to Rs 7,656.71 crore in Q3 December 2018 over Q3 December 2017.

is the world's fifth largest specialty company and India's top pharmaceutical company.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 14 2019. 14:57 IST
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