Sun Pharmaceutical Industries rose 0.42% to Rs 583 at 14:37 IST on BSE after the company's unit Taro Pharmaceutical announced the start of a tender offer to buy back up to $200 million of its ordinary shares.
Meanwhile, the BSE Sensex was down 128.62 points, or 0.62%, to 20,476.46.
On BSE, 73,000 shares were traded in the counter compared with average volume of 1.44 lakh shares in the past one quarter.
The counter was quite volatile. The stock rose 1.80% at the day's a high of Rs 591 so far during the day. It fell 0.34% at the day's low of Rs 578.55 so far during the day.
The stock hit a 52-week high of Rs 650 on 10 October 2013. The stock hit a 52-week low of Rs 346.63 on 26 November 2012.
The stock had underperformed the market over the past one month till 25 November 2013, sliding 4.87% compared with the Sensex's 0.38% fall. The scrip had, however, outperformed the market in past one quarter, rising 14.45% as against Sensex's 11.26% rise.
The large-cap company has an equity capital of Rs 207.12 crore. Face value per share is Re 1.
If the offer is fully subscribed, the number of Taro Pharmaceutical Industries shares to be purchased in the offer represents approximately 4.6% to 5.3% of the unit's total outstanding shares.
Sun Pharma's stake in Taro will go up if the buyback be fully subscribed. As on 31 March 2013, Sun Pharmaceutical Industries held 65.89% stake in Taro Pharmaceutical Industries.
Sun Pharmaceutical Industries' consolidated net profit surged 325.63% to Rs 1362 crore on 58% increase in net sales to Rs 4192 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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