Sun Pharma up 4% after its arm shelves investment plan in US

Shares of Sun Pharma today gained over 4 per cent after the company announced that it has shelved plans to invest in wind energy business in the US.
Sun Pharma stock was trading at Rs 739, up 4.39 per cent, on BSE from its previous close.
On NSE, it was trading at Rs 736.10, up 4.23 per cent.
On Tuesday, Sun Pharmaceutical Industries' Israeli arm Taro decided not to proceed with an investment in a wind energy project in the US which it earlier planned.
"Some of the company's subsidiaries were contemplating an investment in a wind energy project in the US. Subsequent to a further evaluation, these subsidiaries have decided not to proceed with this potential project," it said in a BSE filing.

In a filing to the US Securities and Exchange Commission, Taro had earlier said its stakeholders will meet on November 24 to consider proposal to approve its investment in the construction of and the acquisition of a wind-powered electric energy project jointly with affiliates of the company's controlling shareholder, Sun Pharmaceutical Industries.