Sun Pharma hits new 52-week high as company fixes interim dividend’s record date – know analyst's view

The shares of pharmaceutical major Sun Pharma hit a new 52-week high of Rs 898.4 per share, after surging for around 1 per cent on the BSE intraday on Wednesday, as the company fixes the record date of interim dividend. The company on Monday declared an interim dividend of Rs 7 per equity share.  

According to the press statement of Sun Pharma, the board of directors has fixed Thursday, February 10, 2022, as the record date to determine the names of the equity shareholders, who shall be entitled to receive payment towards interim dividend of the Company for the current fiscal.” 

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“The payment of the interim dividend would be made to the eligible shareholders on or before February 22, 2022,” the company said in a filing to exchanges. 

On January 31, 2022, Sun Pharma reported robust third-quarter results for the financial year 2021-22. In this, the consolidated sales from operations of the company came at Rs 9,814.2 crore, a growth of 11 per cent year-on-year, and the net profit was at Rs 2,058.8 crore, up 11 per cent YoY. 

With the government outlaying the Budget for FY23, analysts at CapitalVia Global Research said, “Due to its defensive nature, allocation will aid the pharma sector in recovering quickly from pandemic effects, and a gradual increase in growth will be seen throughout the year, with better technological support in routine activities.” 

The research firm had said that Sun Pharma and Laurus Labs may be seen beating the overall sector in the upcoming session. 

The stock in the last three sessions has surged almost 9 per cent amid strong Q3 results and interim dividend announcements. The index heavyweight has gained over 45 per cent in the last one year as compared to 22 per cent rise in the S&P BSE Sensex. 

At around 02:31 pm, the stocks are trading almost 1 per cent down to Rs 886.45 per share on the BSE, as compared to a 1.1 per cent rise in the S&P BSE Sensex.