Sun Pharma surges on receiving EIR for Halol unit

The share price of Sun Pharmaceuticals surged by over 3 per cent as the company received EIR from the US Food and Drugs Association for its Halol facility in Gujarat.

Following the inspection of its Halol facility in February 2018, the regulator concluded that the issues stated in the warning letter of December 2015 have been addressed by the company. 

This particular manufacturing unit used to contribute about US$ 400 million, contributing around 15 per cent of the total sales of the company. At present, US sales contributes around 40 per cent to the company’s total sales in FY18. 

In Wednesday’s trade, the stock hit an intraday high of Rs. 560.75 per share and an intraday low of Rs. 547.45 per share on BSE. The stock had touched its 52-week high of Rs. 608.55 per share on February 12, 2018 and its 52-week low of Rs. 433.15 per share on August 14, 2017 on BSE, respectively. 

At 15:07 hours IST, the stock was trading at Rs. 547.85 per share, up by 1.36 per cent on BSE on Wednesday. Meanwhile, S&P BSE Sensex was trading at 35,735.35 level, up by 0.12 per cent and NSE Nifty50 was trading at 10,854.05 level, up by 0.10 per cent.