Shares of the pharma company rose by 2.72 percent after the company acquired balance stakes in the subsidiary company.
At 2:26, 29th september shares of Sun pharmaceutical Industries Ltd were trading at Rs. 1163 per share which is 2.72 percent up from previous close price of Rs. 1132 per share.
Such bullish stock price movement are observed after the company, through regulatory filing with the Bombay Stock Exchange (BSE) dated 29th september, informed that one of their subsidiary companies has signed a binding letter of intent to acquire the balance 25 percent outstanding shares of Sun Pharma de México, a subsidiary of the Company, where the Company is currently holding 75% shares.
Post- acquisition Sun Pharma de México will become a wholly owned subsidiary of the company.
Having a walkthrough at financial reports, the company’s revenue increased by 9.2 percent from Rs. 10,930 crore in Q4FY23 to Rs. 11,940 crore in Q1FY24. On the other hand, the company’s net profit increased by 2 percent from Rs. 1984.4 crore in Q4FY23 to Rs. 2022.5 crore in Q1FY24.
Looking at the financial ratios, Company reported Return on equity (ROE) of 16.45 percent and return on capital employed (ROCE) of 17.24 percent in the last financial year.
Sun pharmaceuticals Industries Limited is an Indian multinational company based in Mumbai that manufactures and sell pharmaceuticals formulations and active pharmaceutical ingredients (APIs) in more than 100 countries across the globe.
Written by Vinit Israni
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
