Sun Pharmaceutical Industries fell 2.1% to Rs 830.75 at 15:22 IST on BSE on reports a foreign brokerage has maintained its cautious stance on the stock despite recent correction.
Meanwhile, the S&P BSE Sensex was down 228.36 points or 0.85% at 26,540.13.
On BSE, so far 2.84 lakh shares were traded in the counter as against average daily volume of 5.82 lakh shares in the past one quarter.
The stock hit a high of Rs 854.50 and a low of Rs 827 so far during the day. The stock had hit a record high of Rs 1,200.70 on 7 April 2015. The stock had hit a 52-week low of Rs 593.95 on 5 June 2014.
The stock had underperformed the market over the past one month till 5 June 2015, sliding 11.45% compared with Sensex's 2.45% fall. The scrip had also underperformed the market in past one quarter, declining 18.2% as against Sensex's 9.1% fall.
The large-cap pharma firm has equity capital of Rs 240.64 crore. Face value per share is Re 1.
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According to reports, the foreign brokerage believes that Sun Pharmaceutical Industries is not a compelling buy case yet but it raised 12-month target price to Rs 879 from Rs 868, implying potential upside of 6% from current levels. While deciding target price, as a base case, the brokerage assumed the resumption of supplies and approvals from Halol and do not factor in any significant price risk at Taro in the near term, as per reports. According to the brokerage report, any adverse development with respect to these assumptions is a downside risk, reports added.
Sun Pharmaceutical Industries' consolidated net profit declined 44% to Rs 888.05 crore on 52% growth in net sales to Rs 6144.90 crore in Q4 March 2015 over Q4 March 2014.
Sun Pharmaceutical Industries is an international specialty pharmaceutical company.
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