Sun Pharma extends rally; up 3% on drug approval from USFDA

Shares of Sun Pharmaceutical rose by nearly 3 per cent today, its second straight session of gains, after one of its subsidiaries received USFDA approval to manufacture and market generic version of Novartis' Gleevec, used in the treatment of cancer, in the US.
The stock ended 2.81 per cent higher at Rs 777.35 on BSE. During the day, it gained 3.31 per cent to Rs 781.20.
At NSE, shares of the company settled 2.9 per cent up at Rs 777.35.
The stock was the top gainer among the 30-Sensex stocks.
Shares of the company had gained 4 per cent on Friday also.

The company added Rs 12,139.43 crore in market valuation in two days to Rs 1,87,067.43 crore.

"One of its subsidiaries has received final approval from USFDA for its Abbreviated New Drug Application (ANDA) for generic version of Gleevec, Imatinib Mesylate tablets", Sun Pharmaceutical had said in a BSE filing on Friday.
"The approval has been granted for Imatinib Mesylate tablets of 100 mg and 400 mg strengths. Imatinib Mesylate tablets, 100 mg and 400 mg, are therapeutic equivalents of Novartis' Gleevec tablets", it added.
In the broader market, the Sensex ended with a loss of 108 points at 25,530.11.