Angel Broking has maintained its neutral rating on Sun Pharmaceutical Industries in its June 2, 2008 research report. "Sun Pharma’s 4QFY2008 numbers came well ahead of expectations. The company posted net sales of Rs 1,239 crore, registering a yoy growth of 133.2%. With this, the company ended FY2008 with net sales of Rs 3,291 crore, registering a yoy growth of 58%. The growth during the period was mainly driven by Exports, which surged 319% and 96% during 4QFY2008 and FY2008 respectively, as compared to corresponding periods last year."

"FY2008 was a robust year for Sun Pharmaceuticals on back of the launch of the FTF products. Going into FY2009, the company would see potential upsides from Pantaprazole and Amifostine. Sun has guided for a 25% rise in the US business, while the ex-USA region is expected to deliver 18-20% growth. Currently, we are not changing our estimates. On the valuations front, at the CMP, the stock trades at 21.1x FY2009E and 21.1xFY2010E Earnings, which we believe is fair and hence we remain Neutral on the stock," says Angel's research report.

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