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Sun Pharma Shares Tank 16% as Co Sees Profit Hit in FY16

Sun Pharma’s stock was the top loser among the stocks on key indices Sensex and Nifty.

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(Photo: Reuters)

Shares of Sun Pharma witnessed massive selling pressure, plunging over 16 per cent, after the drug major said it expects to take a hit on profit for the fiscal due to charges related to the ongoing integration with Ranbaxy Laboratories.

Reacting to this, shares of the company opened the day on a weak note and lost further to 15.6 per cent to Rs 799.05 at BSE. On the NSE, the stock dipped 16.11 per cent to Rs 795.25.

The stock was the top loser among the stocks on key indices Sensex and Nifty.

As per the company’s estimates, the consolidated revenues would remain flat or show a decline over FY15. Also the consolidated profits “may also be adversely impacted due to certain expenses/charges arising out of integration as well as remedial actions.”

10:00 am Sensex Recovers 46 pts in Choppy Trade; Infosys Jumps 8 %

The benchmark BSE Sensex recovered over 46 points in early volatile trade on Tuesday as IT sector stocks surged after Infosys reported a 5 per cent growth in net profit for the first quarter of 2015-16.

A firm trend on other Asian markets following overnight gains in the US markets also triggered buying by participants.

The 30-share barometer, which had shed 43.19 points in the previous session, rose by 46.71 points, or 0.16 per cent, at 28,466.83 in early trade.

IT, teck, consumer durables, capital goods , metal and PSU sectors indices were trading in the positive zone with gains up to 3.58 per cent.

Similarly, the National Stock Exchange index Nifty moved up by 11.65 points, or 0.14 per cent, to 8,615.10.

Brokers said rally in Infosys and other IT sector stocks and a firming trend at other Asian markets, influenced sentiments here.

They said, however, caution prevailed ahead of monsoon session of Parliament, which begins today.

Infosys’s Stellar Q1 Earnings

Infosys’ shares climbed 7.75 per cent to Rs 1,079.50 after company reported close to a 5 per cent increase in consolidated net profit to Rs 3,.030 crore for the quarter ended June 30,2015.

Wipro also surged 1.96 per cent and TCS gained 0.14 per cent.

However, shares of drug major Sun Pharma slumped 12.01 per cent to Rs 833.10 as company expects to take a hit on profit for the fiscal due to the charges related to the ongoing integration with Ranbaxy Laboratories.

Among other Asian markets, Japan’s Nikkei was trading 0.58 per cent higher, while Hong Kong’s Hang Seng up 0.34 per cent in early trade.

The US Dow Jones Industrial Average ended 0.08 per cent higher in Monday’s trade.

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