Sun Pharmaceuticals dips 8% after Taro posts weak quarterly earnings

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Sun Pharmaceuticals Industries Ltd on Tuesday declined around 8% in the morning session after its overseas arm Taro Pharmaceuticals Industries Ltd reported weak earnings in the March quarter, reported a national news portal.

Taro Pharmaceutical Industries (Taro) reported a 27.82% fall in net profit to $83 million. It also posted a 25.9% decrease in net sales to $196.40 million in the quarter ended March 2017. The drop in net sales was on account of increased competition and the challenging pricing environment, reported a national news portal.

Sun Pharmaceuticals is down by 5.4% at Rs 605 per share at 12:38 hours IST on BSE. It witnessed a spurt in the volume by more than 3.51 times. It hit a high of Rs 631 and a low of Rs 589.20 so far during the day.

Sun Pharmaceutical Industries Limited is a pharmaceuticals company. The company's business segments include US business, Indian branded generics business, emerging markets, global consumer healthcare business and active pharmaceutical ingredients (API).

Stock View :-

Sun Pharmaceuticals Industries Ltd is currently trading at Rs 608.8, down by Rs 31.45 or 4.91% from its previous closing of Rs 640.25 on the BSE.

The scrip opened at Rs 629 and has touched a high and low of Rs 631 and Rs 589.2 respectively. So far 9049797(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 153614.62 crore.

The BSE group 'A' stock of face value Rs 1 has touched a 52 week high of Rs 854.5 on 05-Aug-2016 and a 52 week low of Rs 572.4 on 09-Nov-2016. Last one week high and low of the scrip stood at Rs 656.75 and Rs 637 respectively.

The promoters holding in the company stood at 54.39 % while Institutions and Non-Institutions held 33.49 % and 12.13 % respectively.
The stock is currently trading below its 200 DMA.

Sun Pharmaceuticals Industries Ltd : -
BSE 614.65 [25.60] ([4]%)
NSE 614.70 [25.45] ([3.98]%)

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