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Scrips, which has significant changes during the market hours.
Sun Pharma rises on bargain hunting
06-Dec-18   10:26 Hrs IST

Meanwhile, the S&P BSE Sensex was down 352.84 points, or 0.98% to 35,531.57.

On the BSE, 11.12 lakh shares were traded in the counter so far compared with average daily volumes of 22.33 lakh shares in the past two weeks. The stock had hit a high of Rs 428.05 and a low of Rs 413.05 so far during the day. The stock hit a 52-week high of Rs 678.80 on 6 September 2018. The stock hit a 52-week low of Rs 402.10 on 5 December 2018.

Shares of Sun Pharmaceutical Industries fell 15.99% in three trading sessions to settle at Rs 413.60 yesterday, 5 December 2018, from its close of Rs 492.30 on 30 November 2018.

Sun Pharmaceutical Industries issued a clarification to the bourses on 3 December 2018, which said that over the last one week, there have been some media reports on Sun Pharma around a note issued by one of the securities firm and a potential whistleblower complaint against the company.

With reference to allegations that one of the partners of an audit firm of Sun Pharma (Valia & Timbadia) was investigated in a stock price rigging case, the company clarified that none of the partners of this audit firm or the firm itself was a party to this investigation. This audit firm audits some of the company's subsidiaries and they have been with the company for a long time. The subsidiaries that this firm audits put together account for approximately 0.6% of the company's consolidated revenues - FY2018.

With reference to a question is being raised about an insider trading case which was settled with Sebi regarding the Ranbaxy acquisition, the company clarified that it has not been involved in any insider trading norm violations relating to the Ranbaxy deal. However, there was some minor technical issue relating to a procedural aspect of trading window closure due to intervening holidays. The board meeting for approving the Ranbaxy acquisition was held on a Sunday and hence the company's lawyers advised that there is no need to announce a trading window closure since stock markets are anyways closed on Saturday and Sunday.

Sebi later on ruled that the company should have announced a window closure. This case was settled with Sebi with no admission of guilt in accordance with the provisions of applicable laws and matter was closed. It is also important to note that none of the insiders traded in the Sun Pharma stock even if the window closure was not announced.

With reference to news reports about Sebi likely to re-open the old insider trading case, the company clarified that it has not received any information from Sebi in this regard.

With reference to news reports of a whistleblower complaint filed against Sun Pharma with Sebi, the company clarified that as of now, it has not received any query related to this from Sebi.

With reference to concerns being raised about Sun Pharma's low single digit tax rate, the company clarified that this was the case many years back and now its effective tax rate is in mid-teens. The company has guided many times in the past quarters that its tax rate will gradually inch up in the coming years.

With reference to queries on loans and advances given to non-related parties which have increased significantly in FY2018, the company clarified that these are loans and advances given in the normal course of business at arms-length basis at market interest rates and at market terms and conditions.

On a consolidated basis, Sun Pharmaceutical Industries reported net loss of Rs 108.84 crore in Q2 September 2018 compared with net profit of Rs 1001.79 crore in Q2 September 2017. Net sales rose 3.89% to Rs 6846.48 crore in Q2 September 2018 over Q2 September 2017.

Sun Pharmaceutical Industries is the world's fifth largest specialty generic pharmaceutical company and India's top pharmaceutical company.

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