Sun Pharma surges after April-June results

MUMBAI (Reuters) - Shares in India's Sun Pharmaceutical Industries Ltd surged as much as 9.2 percent on Monday after the drugmaker's April-June earnings were seen as positive after factoring out a provisioning charge to settle a patent suit.

Sun, India's top drugmaker by market value, reported on Friday a net loss of 12.76 billion Indian rupeesfor the June quarter, due to the provision.

Profit adjusted after the provision came in at 12.4 billion rupees, analysts said.

Sun Pharma, along with Teva Pharmaceuticals Industries Ltd , has to pay Pfizer Inc $2.15 billion to settle a patent suit related to marketing generic versions of its acid-reflux drug Protonix.

 

Sun shares were up 7 percent at 1.46 p.m., outperforming a 1.4 percent gain in the broader Nifty.

(Reporting by Abhishek Vishnoi; Editing by Rafael Nam)