 "Sun Pharma stock up 5.8% over subsidiary Taro's strong quarterly result")
Sun Pharma stock surged 5.8 per cent today after its US subsidiary Taro Pharmaceutical Industries reported strong sales growth in March end quarter. The stock closed at Rs 825.50 on Bombay Stock Exchange on Friday.
Taro reported 8.6 per cent sales growth to $265 million and operating profit rose 18 per cent to $181 million.
This is the second consecutive strong quarterly performance by Taro. The US subsidiary had seen sales decline in the first half of the year, showed improved earnings in December end quarter with nine per cent growth in revenue and 33 per cent growth in profit year-on-year.
Sun Pharma will report its result on Monday and its earning is expected to get a boost due to sales of anti-leukemia drug Gleevec for which the company has 180 days exclusivity in the US market.