Sun Pharma hits new high on brokerage upgrades
Barclays Research upped its price target from Rs 760 earlier to Rs 936 and upgraded the stock to "Overweight" from "Equal Weight".
Sun Pharmaceutical Industries is trading higher by 2.2% at Rs 836; also its new high on BSE, after Barclays Research upped its price target from Rs 760 earlier to Rs 936 and upgraded the stock to “Overweight” from “Equal Weight”.
Analyst expects the company will see meaningful launches during the next financial year 2013-14 on the back of a significant pipeline of 142 pending Abbreviated New Drug Application (ANDAs).
Meanwhile, the pharmaceutical stock has outperformed the market by gaining 12.4% in past one month compared to less than 1% gain in benchmark Sensex after reported 32% year-on-year (yoy) growth in its net profit at Rs 881 crore for the third quarter ended December 31, on the back of strong sales in the US generic market.
The stock opened at Rs 820 and touched low of Rs 817 on NSE. A combined 514,196 shares have changed hands on the counter so far on NSE and BSE.
Analyst expects the company will see meaningful launches during the next financial year 2013-14 on the back of a significant pipeline of 142 pending Abbreviated New Drug Application (ANDAs).
Meanwhile, the pharmaceutical stock has outperformed the market by gaining 12.4% in past one month compared to less than 1% gain in benchmark Sensex after reported 32% year-on-year (yoy) growth in its net profit at Rs 881 crore for the third quarter ended December 31, on the back of strong sales in the US generic market.
The stock opened at Rs 820 and touched low of Rs 817 on NSE. A combined 514,196 shares have changed hands on the counter so far on NSE and BSE.