Sun Pharmaceutical Industries rose 1.23% to Rs 749.40 at 12:00 IST on BSE after reports a foreign brokerage upgraded the stock to 'buy' rating and raised the target price.
Meanwhile, the S&P BSE Sensex was up 14.40 points or 0.06% at 25,774.50.
On BSE, so far 1.59 lakh shares were traded in the counter as against average daily volume of 2.91 lakh shares in the past one quarter.
The stock hit a high of Rs 753 and low of Rs 744.50 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 725.25 on 10 November 2015.
The stock had underperformed the market over the past one month till 16 November 2015, sliding 16.75% compared with Sensex's 5.34% fall. The scrip had also underperformed the market in past one quarter, dropping 17.64% as against Sensex's 8.22% drop.
The large-cap company has equity capital of Rs 240.67 crore. Face value per share is Rs 1.
More From This Section
A foreign brokerage has reportedly said that the market has factored in the worst possible outcome at the Sun Pharma's Halol plant. The plant, which has been under intense regulatory scrutiny of the United States Food & Drug Administration (USFDA), came to Sun Pharma as part of its Ranbaxy acquisition last year. The potential upside for the stock could be over 40% if the Halol issue does not escalate. However, the brokerage said the fair value of the stock would work out to current valuation in case the pharma giant receives an import alert from the US drug regulator for the plant.
Sun Pharmaceutical Industries' consolidated net profit fell 46% to Rs 1106.66 crore on 14.7% decline in net sales to Rs 6803.31 crore in Q2 September 2015 over Q2 September 2014.
Sun Pharmaceutical Industries manufactures specialty and generic medicines, targeting a wide spectrum of chronic and acute treatments. The therapeutic segments include psychiatry, anti-infectives, neurology, cardiology, orthopaedic, diabetology, gastroenterology, ophthalmology, nephrology, urology, dermatology, gynaecology, respiratory, oncology, dental and nutritionals.
Powered by Capital Market - Live News