Financial Daily from THE HINDU group of publications
Friday, Jan 25, 2002
Financial Daily from THE HINDU group of publications Friday, Jan 25, 2002 |
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Markets
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Foreign Institutional Investors FII stake rises in Sun Pharma Aparna Krishnan
MUMBAI, Jan. 24 LEADING foreign institutions investors (FIIs) including Capital International, Jardine Fleming and GE Pension Funds have picked up stake in Sun Pharmaceuticals Industries Ltd in the last nine months. The FII holding has gone up by 1.8 per cent to 12.96 per cent in December 2001 from 11.16 per cent in March 2001. On the back of this development, the scrip price of the company has also been on the rise and early this month touched a 52-week high of Rs 691. Analysts say that the interest in the stock could be due to its US group company, Caraco Pharma showing signs of a turnaround. During the past few weeks, the stock of Sun Pharma has witnessed intense activity. However, today, the stock went down by 0.72 per cent to close at Rs 626.30 on the BSE and by 0.22 per cent to close at Rs 629.55 on the NSE. Analysts say that the keen FII interest could be due to the indications of a turnaround in Caraco Pharma, the US group company of Sun Pharma in which Sun holds over 47 per cent. ``Sun Pharmaceuticals has been focussed on niche segments such as diabetes, neurology, cardiology, etc. Due to lack of substantive exports, the stock was depressed,'' said an analyst. Says another analyst, ``Caraco recently announced a string of approvals from the USFDA (United States Food and Drug Administration), the most latest being the anti-diabetes drug Metformin and Oxaprozin. This coupled with the fact that Caraco has crossed the $1 million-mark for December means that Sun can now look forward to many more approvals and revenues.'' It is expected that Caraco would break-even by the year 2003, analysts said. ``The ANDA (Abbreviated New Drug Application) approval of Metformin is significant as it has a sales of $1.8 billion in 2000,'' said an industry watcher. Current shareholding pattern in Sun Pharma (December, 2001) is as follows: Promoters - 65.7 %, persons acting in concert - 5.66 %, mutual funds and UTI -2.33 %, Banks, FIs and Insurance - 1.76 %, FIIs and Foreign Mutual Funds- 12.96 %, NRIs & OCBs - 0.06% and Indian Public-8.56 %.
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