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Business News/ Markets / Stock Markets/  Rekha Jhunjhunwala bought fresh stake in this pharma stock in Q4: Should you buy?
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Rekha Jhunjhunwala bought fresh stake in this pharma stock in Q4: Should you buy?

Sun Pharma Advanced Research Company is a mid cap company recorded a market cap of ₹6,305 Cr during Friday closing.

A biopharmaceutical company Sun Pharma Advanced Research Company (SPARC) was established in 2007.Premium
A biopharmaceutical company Sun Pharma Advanced Research Company (SPARC) was established in 2007.

Sun Pharma Advanced Research Company is a mid cap company recorded a market cap of 6,305 Cr during Friday's closing. A biopharmaceutical company Sun Pharma Advanced Research Company (SPARC) was established in 2007. It is currently a leader in specialty generics on a worldwide scale. Rekha Jhunjhunwala, the late Rakesh Jhunjhunwala's widowed wife acquired a fresh stake in Sun Pharma Advanced Research during the quarter that ended in March 2023, despite the stock being in the Dalal Street negative zone on a YTD basis. 

As per the shareholding pattern available on the stock exchanges, Rekha Jhunjhunwala acquired a fresh stake of 1.9% or held 6,292,134 shares worth 122.3 Cr in Sun Pharma Advanced Research. In addition to Sun Pharma Advanced Research, Rekha Jhunjhunwala has also bought a fresh stake of 5.2% or 600,000 shares worth 53.2 Cr in Raghav Productivity Enhancers Ltd during Q4FY23. Rekha Jhunjhunwala publicly owns 29 stocks with a net value of more than Rs. 28,437.6 Cr., according to the latest corporate shareholdings available on the exchanges.

During the quarter ended December 2022, the company recorded a net income of 131.12 Cr as against 62.49 Cr during the quarter ended December 2021. The company said its net expenses stood at 118.04 Cr compared to 76 Cr and its EBIT reached 13.08 Cr during Q3FY23 as against (-13.51) Cr during Q3FY22. The net profit of Sun Pharma Advanced Research reached 10.15 Cr compared to a net loss of 15.84 Cr during the same quarter of FY22 and its EPS stood at 0.37 during Q3FY23 as against (-0.60) during Q3FY22. The company is yet to declare its Q4 result.

On Friday, the shares of Sun Pharma Advanced Research Company closed on the NSE at 193.60 apiece level, down by 0.62% from the previous close of 194.80.  The stock touched a 52-week-high of 284.40 on (21-Apr-2022) and a 52-week-low of 162.10 on (21-Mar-2023). During Q4FY23, the company recorded a promoter shareholding of 65.68%, FIIs stake of 3.64%, DIIs stake of 0.63% and a public stake of 30.04%.

Commenting on the technical outlook of the stock, Rahul Ghose, Founder & CEO – Hedged, an algorithm-powered advisory platform said “The Sparc stock has been in a strong downtrend for the last one year and has started bouncing recently from a strong support level around 170. From a technical perspective, the stock has already made a bottom and it is unlikely that this bottom will be broken again in the near term. Once the stock crosses the 225 mark, it would have crossed all its important moving averages and its trend would change completely to the upside. Another reason why the 225 level is important for the stock is because, currently the stock has formed only one higher high, we need a full circle to be completed where it forms a full higher high and higher low and then another high to ensure that this is not a short term technical bounce only or a unsustainable bounce."

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ABOUT THE AUTHOR
Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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Published: 22 Apr 2023, 07:49 PM IST
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