Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Sun Pharma Drops 4.5 Per Cent After Goldman Sachs Downgrade the Stock to ‘Sell’

Goldman Sachs attributed the downgrade to Sun Pharma’s spending in speciality pharma which will impact the company’s profit growth in future.

Trending Desk

Updated:June 11, 2019, 3:14 PM IST
facebookTwitter Pocket whatsapp
Sun Pharma Drops 4.5 Per Cent After Goldman Sachs Downgrade the Stock to ‘Sell’
Image for representation. (Image: Reuters)

Shares of Sun Pharmaceutical Industries Ltd declined as much as 4.5% in Tuesday’s session after Goldman Sachs downgraded the stock to ‘sell’ while cutting the target price to Rs 355 from Rs 437 earlier.

The stock touched a low of Rs 384 before recovering to trade at Rs 392, down 2.5%, at 2:30pm on BSE.

Goldman Sachs attributed the downgrade to Sun Pharma’s spending in speciality pharma which will impact the company’s profit growth in future.

Goldman Sachs added that the profit drivers for the company, including India, Taro Pharmaceutical and US generics, are also witnessing softer business momentum. In the March quarter, Sun Pharma had reported a 52.63% drop in consolidated profit at Rs 635.88 crore compared with Rs 1,342 crore in the same quarter last year.

For the full fiscal year ended March, the net profit of the company stood at Rs 2,665.42 crore. It was Rs 2,095.70 crore for the previous fiscal year. In a report dated 28 May, brokerage firm Sharekhan recommended to ‘hold’ the Sun Pharma stock with a target price of Rs 460. Sharekhan said that it expected Sun Pharma to report sales and profit CAGR (compounded annual growth rate) of 20% and 38% over FY2019-FY2021.

Meanwhile, HDFC Securities is bullish on Sun Pharma has recommended a ‘buy’ rating on the stock with a target price of Rs 600 in its research report dated 29 May. Hopes are hinged on a ramp up in specialty business, said HDFC securities. The Sun Pharma stock is down 6.6% this year, as of the last close, while the broader Nifty 50 index is up 9.8% in the same period.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
Tata Chemicals 751.10 -0.15
SBI 312.10 -0.67
Yes Bank 35.30 -4.98
LIC Housing Fin 363.50 -4.30
Indiabulls Hsg 300.85 -2.23
Top Gainers
Company Price Change %Gain
Tech Mahindra 833.70 0.07
HCL Tech 611.45 -0.32
Top Losers
Company Price Change %Gain
IndusInd Bank 1,140.75 -2.73
Tata Steel 429.20 -1.75
Hero Motocorp 2,247.20 -1.63
NTPC 108.60 -1.50
Tata Motors 166.75 -1.39

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results