Sun Pharma Shares Jump After Company’s Quarterly Profit Rises Nearly 4 Times

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It jumped more than 4 percent on Wednesday, a day after the drug maker reported strong quarterly earnings. The price of shares of Sun Pharma advanced up to 4.2 percent on the National Stock Exchange to touch Rs. 455.00 in morning offers, compared to its closing price of Rs. 436.60 the previous day. Shares of Sun Pharmaceutical Industries (Sun Pharma) were trading at high volumes during Wednesday’s session. At 10:54 am, Sun Pharma shares were trading 1.5 percent more at Rs. 443.30 in the stock market, surpassing the markets.

The hours after the commercialization of Sun Pharmaceutical Industries on Tuesday reported a net profit of Rs. 1,242 crore for the quarter ended December 31, 2018, versus Rs. 322 million rupees for the corresponding period a year ago. Sun Pharma’s net profit was better than analysts’ estimates of strong sales in the US market. (Read: Sun Pharma publishes a quarterly benefit of almost four times the jump)

The pharmaceutical company said that it had incurred a single fiscal expense of Rs. 513 million rupees, related to the changes in the tax rates of the United States, in the same period of the previous year.

Sun Pharma’s sales in the United States represent more than 34 percent of its total sales. Sun Pharma said its sales in India increased 7 percent to Rs. 2,235 crore, while sales in the United States increased 10 percent to $ 362 million.

The price of Sun Pharma shares has decreased by 35 percent in the last five months.

At 11 am, about 9.5 lakh. Shares of Sun Pharma had shifted on the Bombay Stock Exchange (BSE), compared to a two-week average of 5.6 lakh, according to stock market data.

Sun Pharma shares were among the main percentage winners in the Sensex and Nifty benchmarks in the morning.