Sun Pharma posts surprise Q2 loss; top loser on Sensex\, Nifty

Sun Pharma posts surprise Q2 loss; top loser on Sensex, Nifty

The stock was the top Sensex loser with a cut of 4.72% or 27.85 points to 561.70 level. On Nifty too, the stock was the top loser falling 4.75% to 561.50 level.  The stock has been losing for the last two days and has fallen 5.74% during the period. It hit an intra day low of 556.05, down 5.68%.

The Sun Pharma stock closed lower in trade today after the drug major reported a consolidated net loss of Rs 218.82 crore for the July-September quarter on account of a Rs 1,214-crore provision for the settlement of the Modafinil antitrust case in the US. It reported a net profit of Rs 912.12 crore for the corresponding period of the previous fiscal.

The stock was the top Sensex loser with a cut of 4.72% or 27.85 points to 561.70 level. On Nifty too, the stock was the top loser falling 4.75% to 561.50 level.  The stock has been losing for the last two days and has fallen 5.74% during the period. It hit an intra day low of 556.05, down 5.68%.

The large cap stock has lost 1.59% since the beginning of this year and gained 5.48% during the last one year.

The stock is trading below its 50 day moving average of 595.90  and 200 day moving average of 570.38.

 Its market capitalisation at the end of trade stood at Rs 1.34 lakh crore.

14 of 36 brokerages rate the stock "buy" or 'outperform', 13 "hold", six "underperform" and three "sell", according to analysts' recommendations tracked by Reuters.

After accounting for the provision of Rs 1,214 crore for the estimated settlement amount payable to all the remaining plaintiffs related to the Modafinil antitrust litigation in the US, the net loss for the quarter was at Rs 219 crore, it added.

The company had entered into settlement with some complainants in the antitrust case last year.

Consolidated revenue from operations of the company stood at Rs 6,846.48 crore for the quarter ended September 2018 compared to Rs 6,590.06 crore for the corresponding quarter of previous fiscal.

Sun Pharmaceutical Industries business segments include US business, Indian branded generics business, emerging markets, global consumer healthcare business and active pharmaceutical ingredients (API). Its rest of world segment includes Western Europe, Canada, Australia, New Zealand and other markets.

The company offers its products to therapy areas, such as cardiology, neuro-psychiatry, gastroenterology, anti-infective, diabetology and dermatology.

The company's products include AB PHYLLINE, ABZORB DUSTING POWDER, ACAMPROL, ACOSTIN 3 MIU, ACOSTIN FORTE and AB PHYLLINE SR 200. Its manufacturing units are situated in India, the United States and Brazil, among others.