Stock of pharma major Sun Pharma rallied in trade by over 7% to hit an intra-day high of Rs. 504.95 on the NSE. The stock's performance is driven by good set of fourth quarterly numbers for the FY 2017-18 which reported a net profit to the tune of Rs. 1300 crore due to one-time tax gain of as much as Rs. 259 crore.
Singhvi, MD of the company said, "Our Q4 performance is in-line with our guidance. Over the last four quarters, we have been able to record a gradual improvement in performance despite a challenging US generic pricing environment.
"FY19 will mark the crossing of some important milestones in our specialty journey with the likely launch of 3 specialty products in the US - Ilumya, OTX-101 and Yonsa - which will entail upfront investments. We are also planning to conduct additional clinical trials for a new indication of Ilumya. We will continue to evaluate opportunities in the specialty segment to further enhance this business', added Sanghvi.
In a press release, the pharma company said the decline in revenue from operation amounting to as much as 2% is primarily on account of the company's US and the API businesses. Rest all of the businesses have been doing well for the quarter.
Meanwhile the stock of Sun Pharma is the most actively traded stock and also the top gainer at the same time on the Nifty.
The stock while reporting was quoting higher by 7.60% at Rs 501.9 on the NSE against previous day's closing price of Rs. 466.45.