Sun Pharma gains ahead of board meet to mull share buyback proposal

Sun Pharmaceutical Industries was trading higher by 2% at Rs 757 on the BSE, ahead of the board meeting today to consider proposal for buy back of equity shares of the company.

On May 30, the board of directors of pharmaceutical company decided to hold the meeting on June 23, 2016 for evaluating a proposal of buy back of equity shares of the company.

However, since then, the stock had underperformed the market by falling 9% as compared to unchanged in the S&P BSE Sensex.

The stock is currently trading close to its 52-week low of Rs 706 on the BSE, touched on November 24, 2015 in intra-day trade. It hit a 52-week high of Rs 965 on August 20, 2015.

As of March 2016, promoter holding in Sun Pharma stands at 54.97%. While LIC holds 3.83% stake, Government of Singapore owns 1.65% in the pharma company.

Till 11:35 AM, a combined 2.38 million shares changed hands on the counter on the BSE and NSE.


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