Sun Pharmaceutical Industries rose 0.27% to Rs 918.05 at 9:40 IST on BSE after the company said it has withdrawn its appeal in the lawsuit filed by Ranbaxy Laboratories in November 2014 in a US District Court against US Food and Drug Administration.
The announcement was made before trading hours today, 9 October 2015.
Meanwhile, the BSE Sensex was up 287.50 points, or 1.07%, to 27,133.31.
On BSE, so far 9,880 shares were traded in the counter, compared with an average volume of 3.58 lakh shares in the past one quarter.
The stock hit a high of Rs 923.90 and a low of Rs 917 so far during the day. The stock hit a record high of Rs 1,200.70 on 7 April 2015. The stock hit a 52-week low of Rs 792 on 17 October 2014.
The stock had outperformed the market over the past one month till 8 October 2015, rising 8.30% compared with 6.04% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 5.14% as against Sensex's 3.04% decline.
The large-cap company has an equity capital of Rs 240.65 crore. Face value per share is Re 1.
Sun Pharmaceutical Industries announced that it has withdrawn its appeal in the lawsuit filed by erstwhile Ranbaxy Laboratories (Ranbaxy) in November 2014 in a US District Court against US Food and Drug Administration (FDA). This lawsuit challenged FDA's revocation of Ranbaxy's tentative approvals for its generic versions of Nexium and Valcyte in the US. The company said it does not believe that the withdrawal of said lawsuit will have any materially adverse financial impact on the company.
Sun Pharmaceutical Industries' consolidated net profit dropped 60.2% to Rs 478.96 crore on 3.3% growth in net sales to Rs 6522.16 crore in Q1 June 2015 over Q1 June 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.
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