Sun Pharma share price jumps 7% after company announces share buy-back offer

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Updated: Mar 17, 2020 3:28 PM

Sun Pharma shares jumped as much as 7 per cent to trade at Rs 395.15 apiece on BSE in the late afternoon session on Tuesday after the company announced share buyback of Rs 1,700 crore.

Sun Pharma had posted a 26.43 per cent loss in its consolidated net profit to Rs 913.52 crore for the quarter ended December 31.

Sun Pharma shares jumped as much as 7 per cent to trade at Rs 395.15 apiece on BSE in the late afternoon session on Tuesday after the company announced share buyback of Rs 1,700 crore. The board of directors approved the buy-back by the company of its equity shares of face value of Re 1 at a maximum price of Rs 425, a premium of 15.48 per cent from its previous close.”At the maximum buy-back size and the maximum buy-back price, the indicative maximum number of equity shares to be bought back under the buy-back would be 4 crore shares which represent 1.67% of the total number of equity shares of the company,” the company said in an exchange filing.

Around 3 PM, Sun Pharma shares were trading 3.5 per cent higher at Rs 381.90 apiece on BSE as compared to 650 points or 2.11 per cent fall in S&P BSE Sensex. The shares hit an intraday low of Rs 370 apiece on BSE. Sun Pharma shares have fallen 18 per cent from its 52-week high of Rs 484.10 apiece touched on October 1, 2019.

Sun Pharma had posted a 26.43 per cent loss in its consolidated net profit to Rs 913.52 crore for the quarter ended December 31. The company had reported a net profit of Rs 1,241.85 crore for the corresponding period of the previous financial year. The consolidated income from operations of the company stood at Rs 8,038.65 crore for the period under review.  As compared to Rs 7,656.71 crore for the same period a year ago.

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