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
Trending On Reuters
Monetary Policy Committee
Having agreed this week to formally adopt inflation targeting as a guiding star for monetary policy, India's government and central bank remain at odds over how crucial decisions are made. Full Article
PM Modi to ramp up help for Indian Ocean nations to counter China influence Full Article