Sun Pharma soars 8%; stock hit 52-week high on good earnings
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Sun Pharma soars 8%; stock hit 52-week high on good earnings

Last Updated: Wednesday, May 29, 2013, 12:03
 
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Sun Pharma soars 8%; stock hit 52-week high on good earnings
Mumbai: Shares of Sun Pharmaceutical Industries on Wednesday soared by nearly 8 percent after the company reported 23.32 percent increase in consolidated net profit for the fourth quarter ended March 31, 2013.

After making a strong opening, shares of the company further gained 7.72 percent to Rs 1,072.50 -- its 52-week high on the BSE.

At the NSE, the stock zoomed up by 7.68 percent to a one-year high of Rs 1,072.80.

Sun Pharmaceutical Industries had yesterday reported 23.32 percent increase in consolidated net profit for the fourth quarter ended March 31, 2013, at Rs 1,011.56 crore and also announced issue of bonus shares to existing shareholders.

The company had posted net profit of Rs 820.21 crore in the same period previous fiscal.

Total income from operations during the quarter under review stood at Rs 3,087.04 crore against Rs 2,336.18 crore in the year-ago period, it said.

For the fiscal 2012-13, consolidated net profit stood at Rs 3,008.06 crore against Rs 2,656.69 crore in the previous fiscal.

Sun Pharma said it will issue bonus shares to existing shareholders to mark completion of 30 years and crossing the USD 2 billion revenue milestone.

In the broader market, however, the BSE benchmark Sensex was trading lower by 66.42 points at 20,094.40 at 1130 hrs.

PTI



First Published: Wednesday, May 29, 2013, 12:03


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