Sun Pharma gains on higher prices for drugs
Reuters Market Eye - Shares in Sun Pharmaceutical Industries(SUN.NS) gain 1.8 percent after Credit Suisse said the drug maker's subsidiary Taro Pharmaceutical Industries (TARO.N) has pushed through price increases in three products last week, citing industry checks.
Credit Suisse estimates those three drugs account for 35 percent of Taro U.S. sales.
The price increases raise sustainable sales estimates for Taro to $680 million versus $640 million earlier for FY 2015, the investment bank adds.
Credit Suisse maintains its "outperform" rating on the stock and raises its target price to 900 rupees from 840 rupees, in part by factoring higher sales estimates for Taro.
(Reporting by Abhishek Vishnoi)
- Tweet this
- Share this
- Digg this
- In his native Alabama, Apple CEO's announcement he is gay prompts discomfort for some
- Air strikes hit Kobani as Kurdish peshmerga prepare to enter
- Islamic State fighters kill 220 Iraqis from tribe that opposed them
- SEBI piles pressure on Sahara to sell overseas hotels
- China expresses concern about Indian plan to build border posts
Shares Hit Record
The BSE Sensex and Nifty surged to record highs for a second consecutive session on Friday after Bank of Japan's surprise expansion of its massive stimulus programme raised hopes for additional foreign inflows, boosting blue-chips such as Larsen & Toubro. Full Article
China's shadow banking sector growing rapidly, third largest in world - FSB. Full Article