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  • 14

    Mar
    2019

    Sun Pharma moves up after raising stake in Russia`s PJSC Biosintez

    The announcement was made after market hours yesterday, 13 March 2019.

    Meanwhile, the S&P BSE Sensex was down 15.60 points, or 0.04% to 37,736.57.

    On the BSE, 7.36 lakh shares were traded in the counter so far compared with average daily volumes of 4.87 lakh shares in the past two weeks. The stock had hit a high of Rs 468.40 and a low of Rs 456.30 so far during the day. The stock hit a 52-week high of Rs 678.80 on 6 September 2018. The stock hit a 52-week low of Rs 375.40 on 18 January 2019.

    Sun Pharmaceutical Industries said that its wholly-owned subsidiary has increased its shareholding in PJSC Biosintez, Russia, by purchasing 33,958 shares (30,221 ordinary shares and 3,737 preferred shares) equivalent to 11.86% of PJSC Biosintez under mandatory tender offer for $3.21 million. Post completion of this purchase of shares, the total holding of wholly owned subsidiary company increased from 85.10% to 96.96% in PJSC Biosintez.

    On a consolidated basis, Sun Pharmaceutical Industries` net profit rose 310% to Rs 1,461.03 crore on 16.04% increase in net sales to Rs 7,656.71 crore in Q3 December 2018 over Q3 December 2017.

    Sun Pharmaceutical Industries is the world`s fifth largest specialty generic pharmaceutical company and India`s top pharmaceutical company.

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