Sun Phrama stocks jump 5% after clarifications

Mumbai (IANS): Drug major Sun Phrama's shares gained over 5 percent during Tuesday's morning trade session after clarifications by the company on various issues including its dealing with Suraksha Realty.

At 10.48 a.m, its stocks traded at Rs 419.05, up Rs 20.70 or 5.20 percent from its previous close of Rs 398.35 on Monday.

The company in a regulatory filing said that its distribution related to India Domestic Formulations Business shall be transitioned from Aditya Medisales Ltd., the current distributor, to a wholly owned subsidiary of Sun Pharma.

"This change will be made effective by Q1FY20, post receipt of all requisite regulatory approvals," the statement said.

This transaction was expected to be concluded in FY19, said the company.

The company also clarified that "neither any loans nor guarantees have been given to Suraksha Realty".

"The company states unequivocally that it does not have any financial transactions with Suraksha Realty."

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