November 6, 2017 / 5:01 AM / 7 months ago

BUZZ-India's Unichem jumps to record high on strong profit, Torrent Pharma deal

** Shares of Unichem Laboratories jump as much as 10.4 pct to a record high of 347 rupees, while Torrent Pharmaceuticals Ltd rise as much as 3.7 pct to 1,364.80 rupees

** Torrent Pharma on Friday agreed to buy more than 120 brands in India and Nepal from Unichem, and its manufacturing plant at Sikkim in northeastern India

** Acquisition of Unichem’s Indian business strengthens Torrent’s position in existing therapies and provides entry into the OTC space, CLSA notes

** Torrent Pharma reported on Friday a 1.4 pct fall in Sept-qtr profit, while Unichem’s profit more than doubled

** Torrent’s Indian growth was strong but U.S., Brazil were weak in the quarter, CLSA says

** CLSA retains “buy” rating on Torrent Pharma, but cuts price target to 1,640 rupees from 1,660 rupees after lowering FY18-20 EPS by 6 pct to 7 pct due to lower U.S. and Brazil sales

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