In an exchange filing, Sun Pharma said, “The company has entered into an agreement with Zaza Industrial Holdings KK, Japan, under which it has agreed to sell 100% of its shares in Sun Pharma Japan Technical Operations, a step-down subsidiary (its subsidiary, by Sun Pharma Japan Limited).”
As a result, Sun Pharma Japan Technical Operations will cease to be a subsidiary of the company.
The expected date of completion of the sale/disposal will be January 31, 2025.
The turnover of Sun Pharma Japan Technical Operations is less than 0.5% of Sun Pharma’s consolidated turnover for the financial year 2023-24.
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This subsidiary operates a plant in Saitama, Japan, which manufactures products for Sun Pharma Japan. As part of the sale agreement, the plant has been contracted to supply products to Sun Pharma till May 2026.
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According to Trendlyne data, the average target price of the stock is Rs. 2,047, representing a jump of 9% from the current market prices. The consensus recommendation of 38 analysts for the stock is ‘Buy’.
Technically, the relative strength index (RSI) of the stock is at 67.8. According to Trendlyne, an RSI below 30 is considered oversold, while above 70 indicates an overbought condition. Additionally, the MACD is at 5.6, above its center and signal line, a bullish indicator.
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On Tuesday, shares of Sun Pharma rose 0.12% on BSE to Rs. closed at 1884.5, while the benchmark Sensex fell 0.14%. The stock has gained 50% in the last 12 months and 88% in the last two years, the company’s market capitalization now stands at Rs 4,52,143 crore.
(disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. (These do not represent the views of The Economic Times)
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