Sun Pharmaceutical Industries shares surged as much as 9 percent on Monday after the drugmaker's April-June earnings were seen as positive after factoring out a provisioning charge to settle a patent suit.
Sun, India's top drugmaker by market value, reported on Friday a net loss of Rs 1276 crore for the June quarter, due to the provision. Also Read: Sun Pharma posts Rs 1276 cr loss in Q1 on Pfizer settlement
Profit adjusted after the provision came in at Rs 1240 crore, analysts said.
Sun Pharma, along with Teva Pharmaceuticals Industries, has to pay Pfizer Inc USD 2.15 billion to settle a patent suit related to marketing generic versions of its acid-reflux drug Protonix.
Sun shares were up nearly 9 percent at 9.48 AM, outperforming a 0.05 percent gain in the broader Nifty.
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