Sun Pharma Shares Surge 2.5% on Strong Q2 Earnings
Nov 01, 2023 19:12
Sun Pharma shares rallied over 2.5% on Wednesday after the company reported a 5% increase in consolidated net profit for the September quarter, driven by strong sales in India and the US.
Photograph: Francis Mascarenhas/Reuters
New Delhi, Nov 1 (PTI) Shares of Sun Pharmaceutical Industries on Wednesday climbed over 2.50 per cent after the company said its consolidated net profit increased 5 per cent for the September quarter.
The stock gained 2.52 per cent to settle at Rs 1,116.15 on the BSE. During the day, it jumped 2.90 per cent to Rs 1,120.30.
At the NSE, it rallied 2.53 per cent to Rs 1,116.20.
The stock emerged as the biggest gainer on both the Sensex and Nifty.
The company's market valuation zoomed Rs 6,579.9 crore to Rs 2,67,795.49 crore.
Sun Pharmaceutical Industries on Wednesday said its consolidated net profit increased 5 per cent to Rs 2,375 crore for the second quarter of the current fiscal, driven by robust sales across domestic and US markets.
The drug major had reported a net profit of Rs 2,262 crore in the year-ago period.
Total revenue from operations increased to 12,192 crore in the quarter, as compared to Rs 10,952 crore in the year-ago period, Sun Pharma said in a regulatory filing.
Sun Pharma Managing Director Dilip Shanghvi noted that the US FDA's acceptance of deuruxolitinib NDA for treatment of moderate to severe alopecia areata marked an important milestone for the company.
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