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Sun Pharma share price hits new 52-week high after getting licence to produce low-cost COVID-19 drug

US drugmaker Eli Lilly and Co. said it has issued royalty-free, non-exclusive voluntary licences to Sun Pharmaceutical Industries to produce its baricitinib drug in India to help combat the second wave of COVID-19 in India.

May 11, 2021 / 10:03 AM IST
India rolled out the third phase of its COVID-19 vaccination drive for those in the 18-45 age group on May 1. (Representative image)

India rolled out the third phase of its COVID-19 vaccination drive for those in the 18-45 age group on May 1. (Representative image)

 
 
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Sun Pharmaceutical Industries share price was up over 2 percent in the morning session on May 11 and was also the top sectoral gainer, rallying more than 5 percent in the two days.

Pharma stocks have been in focus after US drugmaker Eli Lilly and Co on May 10 said it had issued royalty-free, non-exclusive voluntary licences to Cipla, Lupin and Sun Pharmaceutical Industries Ltd to produce its baricitinib drug in India to help combat the second wave of COVID-19 in India.

Brokerage firm Investec has a buy on the Sun Pharma with the target at Rs 795 a share. The company posted another strong quarter in EU for Ilumya, up 103 percent YoY in Q1CY21. The firm expects share of Ilumya in Germany to bounce back to 2020 levels. Royalties from Almirall and Pdt supplies by the company to Almirall are the positives in Q4 earnings, according to a CNBC-TV18 report.

The stock was trading at Rs 717.85, up Rs 19.70, or 2.82 percent, at 0943 hours. It touched a 52-week high of Rs 718.30. It has touched an intraday high of Rs 718.30 and an intraday low of Rs 697.05.

Ashish Chaturmohta, Head of Derivatives and Technical Analysis, Sanctum Wealth Management suggests buying Sun Pharma with the target at Rs 760. After multiple years of decline, the stock is showing signs of a reversal. Pricewise, the stock is seeing a bottoming pattern on the long-term chart. High volumes are indicating accumulation in the stock at lower levels. The next level for the stock is seen at 760 while support is seen at 640, he said.

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Moneycontrol News
first published: May 11, 2021 10:03 am

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