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What should investors do with Sun Pharma post Q2: buy, sell or hold?

The drug major on November 3 reported a 70.4 percent year-on-year growth in consolidated profit, driven by operating performance and tax credit though forex loss limited growth.

November 04, 2020 / 11:56 AM IST

Sun Pharmaceutical Industries share price jumped more than 4 percent in the morning session on November 4, a day after the drug major reported a massive 70.4 percent year-on-year growth in consolidated profit, driven by operating performance and tax credit, though forex loss limited growth.

Consolidated profit increased to Rs 1,813 crore in the quarter compared to Rs 1,064 crore in the same period last year.

Tax gain (exceptional) for the quarter was on account of creation of deferred tax asset amounting to Rs 288.28 crore arising out of subsequent measurement attributable to restructuring of an acquired entity, Sun Pharma told BSE.

Consolidated revenue from operations grew by 5.3 percent year-on-year to Rs 8,553 crore in September quarter.