Shares of Sun Pharmaceutical Industries today defied the broader market trend and settled with gains of more than 3 per cent after the drug major posted a two-fold jump in second quarter net profit.
Following the uptick, market capitalisation of the company increased by Rs 5,290 crore to Rs 1,65,809.19 crore on the BSE.
During the day, the stock had surged 6.15 per cent to touch an intra-day high of Rs 708 on the BSE. At the end of today's trading session, the stock quoted at Rs 688.95, up 3.30 per cent over its previous close.
On the NSE, the stock ended the day at Rs 688, higher by 3.27 per cent. It had surged to an intra-day high of Rs 708.
Sun Pharmaceutical Industries on November 10 reported an over two-fold jump in consolidated net profit at Rs 2,235.14 crore for the September quarter mainly on account of robust sales in India and overseas.
"Sun Pharma posted numbers better than expected on OPM and the net profit front," Angel Broking said in a research note, adding that "apart from better than expected Operating Profit Margin (OPM), the company also posted higher than expected other income (Rs 621 crore in the second quarter of this fiscal as against Rs 226 crore in September quarter of fiscal 2015-16)."
The uptick in the counter assumes significance as the broader market was trading in the negative territory. At the end of today's trading, the 30-share Sensex quoted at 26,818.82, down 698.86 points.
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