Journalism of Courage
Shares of Sun Pharmaceuticals Industries today surged over 9 per cent after the company reported about 30 per cent rise in income from operations for the quarter ended June 30,2013.
After a bullish opening,shares of the drug company further jumped 8.87 per cent to Rs 552.10 on the BSE.
On the NSE,the stock shot up by 9.15 per cent to Rs 552.
Stocks: Top Gainers/Top Losers
Consolidated total income of the company rose to Rs 3,502.73 crore for the quarter under consideration from Rs 2,683.47 crore for the same period a year ago.
Sun Pharmaceutical Industries had on Friday reported a consolidated net loss of Rs 1,276.10 crore for the first quarter ended June 30,2013.
The company had posted a net profit after taxes and minority interest of Rs 795.55 crore for the corresponding period previous fiscal.
During the quarter,Sun Pharma said it has provided Rs 2,517.41 crore (previous year Rs 583.58 crore) as amount payable in terms of the settlement agreement entered on June 11,2013,with Pfizer Inc USA,Wyeth LLC USA and Nycomed GmbH Germany.
Sales in the US were at USD 364 million for the quarter,up by 28 per cent,from the corresponding period previous fiscal,accounting for 58 per cent of total sales.
