Sun Pharma gains after LIC hikes stake
Sun Pharmaceutical Industries rose 1.30% to Rs 699.85 after Life Insurance Corporation of India (LIC) purchased 4.83 crore equity shares or 2.016% stake of the drug major. Post transaction, LIC's stake in Sun Pharma has increased to 7.026% from 5.010% held earlier. The deal was executed as a market purchase between 23 June 2017 to 17 May 2021. On a consolidated basis, the drug major reported an 87.4% jump in net profit to Rs 1,918.11 crore on 9.2% rise in net sales to Rs 8,781.84 crore in Q3 FY21 over Q3 FY20. Sun Pharmaceutical Industries is the world's fourth largest specialty generic phar...