Sun Pharmaceutical Industries rose 0.75% to Rs 616 at 11:31 IST on BSE after the company's US unit Taro Pharmaceutical Industries reported good results for the quarter ended 31 December 2013.
Meanwhile, the BSE Sensex was up 87.79 points, or 0.43%, to 20,422.06
On BSE, so far 68,687 shares were traded in the counter compared with average volume of 1.34 lakh shares in the past one quarter.
The counter was volatile. The stock gained 2.14% at the day's a high of Rs 624.50 so far during the day. It rose 0.13% at the day's low of Rs 612.20 so far during the day. The stock hit a record high of Rs 650 on 10 October 2013. The stock hit a 52-week low of Rs 372.63 on 11 February 2013.
The stock had outperformed the market over the past one month till 10 February 2014, rising 0.28% compared with the Sensex's 2.04% fall. The scrip had also outperformed the market in past one quarter, gaining 1.54% as against Sensex's 1.61% fall.
The large-cap company has an equity capital of Rs 207.12 crore. Face value per share is Re 1.
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Sun Pharmaceutical Industries' US unit Taro Pharmaceutical Industries (Taro) declared results for the quarter ended 31 December 2013. Net income attributable to Taro rose to $115.6 million in the quarter ended 31 December 2013 compared to $88.8 million in the quarter ended 31 December 2012. Diluted earnings per share rose to $2.59 in the quarter ended 31 December 2013 compared to $1.98 in the quarter ended 31 December 2012.
Net sales rose to $213.6 million in the quarter ended 31 December 2013 from $185.7 million in the quarter ended 31 December 2012. Gross profit, as a percentage of net sales was 80.7% in the quarter ended 31 December 2013, compared to 75.4% in the quarter ended 31 December 2012. Operating income increased to $134.9 million, or 63.2% of net sales, compared to $104.0 million, or 56.0% of net sales, Taro said in a statement.
During the quarter, Taro filed six Abbreviated New Drug Application (ANDAs) with the Food and Drug Administration (FDA).
On 30 December 2013, Taro announced the final results of its modified Dutch auction tender offer whereby, an aggregate of 1,959,514 ordinary shares were properly tendered and not properly withdrawn at or below the final purchase price of $97.50 per share, for an aggregate purchase price of $191.1 million (excluding fees and expenses relating to the tender offer).
Taro Pharmaceutical Industries is a multinational, science-based pharmaceutical company, dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products.
Sun Pharmaceutical Industries declares Q3 result on 13 February 2014. The company's consolidated net profit surged 326.2% to Rs 1362.30 crore on 57.8% increase in net sales to Rs 4192.05 crore in Q2 September 2013 over Q2 September 2012.
Sun Pharmaceutical Industries is an international specialty pharmaceutical company with over 72% sales from global markets. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in US, India and several other markets across the world.
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