Sun Pharma Advanced Research Company Ltd. Share Price

Sun Pharma Advanced Research :Wins ₹27.51 Crore Tax Refund

DHARMESH BHATT (Research Analyst) SEBI Registration No. INH000009685

Sun Pharma Advanced wins ₹27.51 crore refund case

Sun Pharma Advanced Research Company Limited wins ₹27.51 crore CENVAT refund case. The CESTAT Mumbai has upheld the earlier order in favour of SPARC, with interest applicable where due. The tribunal dismissed the Revenue’s appeal and confirmed Sun Pharma Advanced Research Company Limited’s entitlement to a refund of accumulated CENVAT credit worth ₹27.51 crore. The matter had been disclosed by the company in August 2023 and is now decided in its favour. The amount is meaningful when compared with the company’s current financial scale. SPARC reported Q1 revenue of ₹40 crore and a net loss of ₹20.78 crore. The potential refund is therefore equivalent to nearly 69% of Q1 revenue and is larger than the quarterly loss. However, this should not be treated as recurring earnings, since the benefit relates to a past tax credit and the timing of the actual refund and interest, where applicable, will matter. My view is that the order improves SPARC’s near-term financial flexibility, but the bigger question remains its operating performance. Q1 revenue increased sharply from ₹9.6 crore to ₹40 crore, while the EBITDA loss narrowed to ₹27 crore from ₹48.2 crore. I would watch whether this revenue improvement continues and whether the EBITDA loss keeps narrowing over the next few quarters. The ₹27.51 crore refund can support liquidity, but it does not by itself change the underlying earnings profile. SPARC closed at ₹194.13 on the NSE on October 1. My stance remains cautious until operating losses show a sustained improvement. The key trigger to watch is the next quarterly result, particularly revenue growth and the pace of EBITDA loss reduction.

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India-Uzbekistan Target Doubling Bilateral Trade with New Strategic Business Partnership

At the India-Uzbekistan Business Forum in New Delhi, Union Minister of Commerce and Industry Piyush Goyal urged businesses from both nations to co-invest, co-manufacture, and co-innovate, aiming to double bilateral trade within three years. With two-way trade already reaching around ₹14,473.50 crore ($1.52 billion), the recently concluded Bilateral Investment Treaty (BIT) is poised to bolster investor confidence and unlock long-term capital. The economic partnership seeks to capitalize on India’s expansive domestic market, skilled talent pool, and innovation ecosystem alongside Uzbekistan’s strategic geographical position and abundant natural resources. Key sectors highlighted for strategic cooperation include textiles, pharmaceuticals, healthcare, mining, digital technologies, agriculture, automotive, and advanced manufacturing. Joint efforts will merge Uzbekistan’s rich cotton output with India’s textile processing strengths, alongside driving innovations in medtech, fintech, and Digital Public Infrastructure (DPI). To ensure seamless execution, both nations agreed to dismantle trade barriers, recognize mutual standards, digitalize customs processes, and enhance overall connectivity to boost job creation and solidify their long-term economic alliance.

Market Performance

Source: NSE The Nifty 50 advanced 1.09% to close at 24,334.30, rebounding strongly after the previous session’s subdued performance on broad-based buying across key sectors. The index opened at 24,127.60, touched an intraday low of 24,099.05, and rallied to a high of 24,367.30 before settling near the day’s high, indicating sustained buying interest throughout the session. Market breadth improved significantly, with 37 stocks advancing against 13 declines, reflecting widespread participation in the rally. Within the Nifty 50 universe, buying interest was led by Tech Mahindra (+3.96%), followed by Kotak Mahindra Bank(Nse) (+3.77%),

Prabhudas Lilladher Maintains Accumulate on Dr Reddy's

Prabhudas Lilladher maintained Accumulate on Dr Reddy's with a ₹1,400 target cutting FY27 estimates by 5% after the company halted Semaglutide supplies due to API impurity issues. Resolution expected by October November 2026. FY28 estimates largely unchanged as the brokerage expects the issue to be temporary. Semaglutide is the active ingredient in blockbuster weight loss and diabetes drugs like Ozempic and Wegovy. Dr Reddy's was developing a generic version a massive opportunity given the global obesity drug boom. Being first to market in countries like Canada gives a significant revenue and market share advantage called first mover advantage. Any delay risks losing this edge to competitors. The API Active Pharmaceutical Ingredient used in Semaglutide had impurity issues. This is a serious quality concern impure drugs cannot be supplied to any regulated market. Dr Reddy's halted supplies voluntarily a responsible move but one that costs significant near-term revenue. ₹180 million of Semaglutide sales are factored into FY28 estimates this number is at risk if resolution takes longer than expected. Dr Reddy's has been reinvesting cash flows from its gRevlimid business into building a pipeline across peptides, biosimilars and GLP products including Semaglutide. This multi year investment cycle is now entering monetisation phase similar to what we saw with Shilpa Medicare. Benefits should be visible from FY27 as new products launch. Dr Reddy's Semaglutide supply halt taught me that pharma companies developing complex drugs face quality and regulatory risks that can temporarily derail near term revenues, and that tracking API quality issues, resolution timelines and first mover advantage windows is essential for evaluating specialty pharma stocks like