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Sun Pharma slips after Taro's dismal show in June quarter

Capital Market 

Industries lost 3.24% to Rs 484.20 at 11:44 on after the company's US subsidiary Taro Pharmaceutical Industries yesterday, 8 August 2017, reported weak for the quarter ended 30 June 2017.

Meanwhile, the S&P Sensex was down 128.41 points or 0.4% at 31,885.78.

On the BSE, 4.44 lakh shares were traded on the counter so far as against the average daily volumes of 5.19 lakh shares in the past one quarter. The stock had hit a low of Rs 475.40 so far during the day, which is a 52-week low. The stock hit a high of Rs 492.65 so far during the day. The stock had hit a 52-week high of Rs 844.90 on 8 August 2016.

The stock had underperformed the market over the past one month till 8 August 2017, sliding 8.97% compared with the Sensex's 2.08% rise. The stock had also underperformed the market over the past one quarter, declining 21.52% as against the Sensex's 6.98% rise. The scrip had also underperformed the market over the past one year, declining 39.92% as against the Sensex's 13.6% rise.

The large-cap company has equity capital of Rs 239.93 crore. Face value per share is Rs 1.

Taro Pharmaceutical Industries' net profit fell 50.4% to $54.50 million on 31% decline in net sales to $161.30 million in the quarter ended 30 June 2017 over the quarter ended 30 June 2016.

Meanwhile, Industries announced after market hours yesterday, 8 August 2017 that one of its wholly owned subsidiaries has agreed to acquire by way of allotment to it, 2.03 lakh Series A Preferred Stock (equivalent to 15.91% fully diluted equity stake on conversion) of Krystal Biotech Inc., United States of America, a biopharmaceutical company using gene therapy to develop treatments for patients suffering from rare debilitating disorders.

On a consolidated basis, net profit of Industries declined 16.7% to Rs 1385.57 crore on 8% decline in net sales to Rs 6825.16 crore in Q4 March 2017 over Q4 March 2016.

Sun Pharmaceutical Industries is the world's fourth largest specialty generic pharmaceutical 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: Wed, August 09 2017. 11:42 IST