Sun Pharma has target of Rs 500: Madan

Sun Pharma has target of Rs 500, says Ashu Madan of Religare.

Madan told CNBC-TV18, "Pharma is turning out to be a defensive sector, not only defensive we have seen fair amount of movement in these stocks also. So currently I feel that if somebody has to have a mix of portfolio pharma could be a mix of defensive and momentum bet and where unlike in the past many years where we have seen a subdued movement in pharma stocks, I think last six months to one year they are broken out of that range of being subdued or very range bound movement. So, Sun Pharma is one counter which is fairly looking nice, so I would recommend buying this in my portfolio at Rs 483 with a price target of Rs 500." The company's trailing 12-month (TTM) EPS was at Rs 12.00 per share. (Sep, 2010). The stock's price-to-earnings (P/E) ratio was 40.23. The latest book value of the company is Rs 55.22 per share. At current value, the price-to-book value of the company was 8.74. The dividend yield of the company was 0.57%.