Sun Pharma market cap breezes past Rs 3 lakh crore, stock hits 52-week high

So far this year, Sun Pharma shares surged over 26 percent as against 17 percent rise in the benchmark Sensex

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The market capitalisation (m-cap) of Sun Pharmaceutical Industries (Sun Pharma) surpassed the Rs 3-lakh-crore mark on December 18 afternoon deals as investors flocked to defensive plays in an otherwise subdued market.

The stock of this pharma giant gained 2.5 percent to hit a 52-week high of Rs 1,267 per share on December 18. So far this year, Sun Pharma shares surged over 26 percent as against a 17 percent rise in the benchmark Sensex.

So far on December 18, around 1.5 million equity shares changed hands in both BSE and NSE as against a one-month average of 1.9 million equity shares.

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On December 18, Sun Pharma was the top gainer in the Nifty Pharma index. Zydus Life, Torrent Pharma, and Lupin too were in the league.

Earlier, on December 13, Sun Pharma’s specialty product ‘Ilumetri’ was included in category-B of China’s national reimbursement drug list, which shall be officially implemented from January 1, 2024.

‘Ilumetri’ is indicated for the treatment of adults with moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy.

Also read: Sun Pharma, Lupin recall drugs in US market: USFDA

That apart, Sun Pharma delivered a letter to Taro Pharmaceutical Industries that contained a non-binding indication of interest to acquire all of the outstanding ordinary shares in Taro, other than any shares held by the company or its affiliates, for a purchase price of $43 per share, in cash from an earlier price of $38 per share.

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