November 14, 2018 / 4:27 AM / 4 months ago

BUZZ-India's Sun Pharma hits near 4-mth low on surprise Q2 loss

** Shares of Sun Pharmaceutical Industries, India’s largest drugmaker by market capitalisation, fall as much as 4.1 pct to 538.65 rupees, their lowest since July 17

** Stock top pct loser on NSE index, which is up 0.21 pct as of 0413 GMT

** Co posted a surprise second-quarter loss of 2.19 bln rupees ($30.38 mln) on Tuesday due to a provision of 12.14 bln rupees for estimated settlements with remaining plaintiffs in a U.S. antitrust litigation related to its sleep disorder drug Modafinil

** This was the company’s first qtrly loss in five

** “We believe that the investments needed to achieve (U.S.) market share will be high. This could put pressure on near-term margins,” Jefferies said

** Jefferies cuts PT to 535 rupees from 605 rupees, retains ‘hold’ rating

** “Going ahead, Sun expects sequential progress in U.S./domestic formulations but we remain cautious about the margins performance due to higher spend on specialty,” Phillip Capital said in a note

** About 6 mln shares trade, compared with the 30-day moving avg of around 4.6 mln shares ($1 = 72.0900 Indian rupees)

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