Shares of Sun Pharmaceutical Industries are among today's top gainers

Sun Pharmaceutical Industries Ltd., India's top drugs major, was the top gainer in an otherwise weak derivatives market on Wednesday, after its earnings more or less matched street's expectations if an exceptional impairment was included in the quarterly profit.

Sun Pharma said its quarterly net profit stood at 479 crore rupees -- excluding an exceptional charge of 685 crores -- versus 1,205 crore rupees in the year ago quarter. Profit stood at 1,164 crores including the charge. Quarterly sales rose 3 percent to 6,522 crore rupees compared with 6,313 crores in the same period a year ago. Margins came under pressure, slipping to 28.4 percent versus 30.7 percent.

Sun Pharma rose 22.75 rupees, or 3.1 percent, to 864.75 rupees on the National Stock Exchange, where 16.1 lakh shares changed hands in the first 45 minutes of trade versus a 5-day average of 20.84 lakh shares.

Sun Pharma's market capitalisation has gained 10 percent in one year to 2.02 lakh crore rupees, making it the most valuable drugs company in India. The stock is under pressure after it acquired small rival Ranbaxy. The exceptional impairment was related to Ranbaxy's buyout.

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