Sun Pharma Hits New 52-Week High as Company Sets Record Date for Interim Dividend – See Analyst’s View

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Shares of pharmaceutical major Sun Pharma hit a new 52-week high at 898.4 rupees per share, after jumping around 1% on intraday BSE on Wednesday as the company sets the record date for the interim dividend. The company on Monday declared an interim dividend of Rs 7 per share.

According to Sun Pharma’s press release, the Board of Directors has set Thursday, February 10, 2022 as the record date to determine the names of shareholders, who will be entitled to receive payment of the Company’s interim dividend. for current taxation.

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“Payment of the interim dividend would be made to eligible shareholders no later than February 22, 2022,” the company said in a stock exchange filing.

On January 31, 2022, Sun Pharma announced strong third quarter results for fiscal 2021-22. In this, the consolidated sales of the company’s operations amounted to Rs 9,814.2 crore, representing an 11% year-on-year growth, and the net profit was Rs 2,058.8 crore, up 11% year-on-year.

As the government disburses the budget for FY23, analysts at CapitalVia Global Research said, “Due to its defensive nature, the allocation will help the pharmaceutical sector recover quickly from the effects of the pandemic, and an increase gradual growth will be observed throughout the year, with better technological support in routine activities.

The research firm had said that Sun Pharma and Laurus Labs could beat the overall industry in the next session.

The stock over the past three sessions has jumped nearly 9% amid strong third-quarter results and interim dividend announcements. The index heavyweight has gained more than 45% in the past year, compared to a 22% rise for the S&P BSE Sensex.

At around 2:31 p.m., the shares were trading down almost 1% at Rs 886.45 per share on the BSE, against a rise of 1.1% on the S&P BSE Sensex.

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