Pharmaceutical stocks continue to rally on the bourses, with the market value of the Sun Pharmaceutical Industries, crossing the Rs one lakh crore mark today. The company has become the first pharma scrip to cross the Rs 100,000 crore marks.
Sun Pharma scrip surged 3.2% to Rs 980 on the National Stock Exchange (NSE), taking its market value to Rs 1,01,535 crore. The company is at the fourteen positions in overall market capitalization ranking.
Sun Pharma is now stands ahead of automobiles major Tata Motors (Rs 93,308 crore), engineering giant Larsen & Tourbo (Rs 93,109 crore) and IT company Wipro (Rs 82,801 crore). The elite ten-member club is led by state-owned oil exploration and production company Oil and Natural Gas Corporation with a market capitalisation of Rs 2,78,224 crore.
In past seven trading sessions, Sun Pharma stock has surged 13% after the company said US Food and Drugs Administration (USFDA) has granted its subsidiary, two tentative approvals for its Abbreviated New Drug Applications (ANDA) for generic version of Januvia, Sitagliptin tablets and generic version of Glumetza, Metformin HCl extended-release tablets.
Sitagliptin tablets have annual sales of approximately US$ 2.7 billion, while Metformin HCl Extended-release tablets have annual sales of approximately US$ 140 million in the US, it added.
Meanwhile, the stock hit a lifetime high of Rs 986 today, has rallied 33% so far in calendar year 2013 compared to a 0.11% fall in benchmark Sensex.
Sun Pharma scrip surged 3.2% to Rs 980 on the National Stock Exchange (NSE), taking its market value to Rs 1,01,535 crore. The company is at the fourteen positions in overall market capitalization ranking.
Sun Pharma is now stands ahead of automobiles major Tata Motors (Rs 93,308 crore), engineering giant Larsen & Tourbo (Rs 93,109 crore) and IT company Wipro (Rs 82,801 crore). The elite ten-member club is led by state-owned oil exploration and production company Oil and Natural Gas Corporation with a market capitalisation of Rs 2,78,224 crore.
In past seven trading sessions, Sun Pharma stock has surged 13% after the company said US Food and Drugs Administration (USFDA) has granted its subsidiary, two tentative approvals for its Abbreviated New Drug Applications (ANDA) for generic version of Januvia, Sitagliptin tablets and generic version of Glumetza, Metformin HCl extended-release tablets.
Sitagliptin tablets have annual sales of approximately US$ 2.7 billion, while Metformin HCl Extended-release tablets have annual sales of approximately US$ 140 million in the US, it added.
Meanwhile, the stock hit a lifetime high of Rs 986 today, has rallied 33% so far in calendar year 2013 compared to a 0.11% fall in benchmark Sensex.