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)
Trending On Reuters
The U.S. Department of Justice (DoJ) has subpoenaed India's largest drugmaker Sun Pharmaceutical Industries Ltd seeking information about the pricing and marketing of the generic drugs it sells in the United States, the company said on Saturday. Full Article