Moneycontrol Bureau
Shares of Sun Pharmaceutical Industries advanced more than 1 percent intraday Thursday. Brokerage HSBC advises buying the stock with a target price of Rs 1,043.
The brokerage says US sales contribution increased marginally to 90 percent, driven primarily by price hikes in select products.
Taro Pharma (the subsidiary of Sun Pharma) continues to ramp up its pipeline and filed 11 abbreviated new drug applications (ANDAs) & one NDA during FY15, which is partly addressing growth concerns, it believes.
According to HSBC, Ranbaxy cost synergies and Halol plant resolution are the key near-term catalysts for Sun Pharma.
Additionally, Taro Pharma has received the approval from the US Food & Drug Administration (USFDA) for its anti-allergic tablet Desloratadine.
At 09:53 hours IST, the scrip of Sun Pharmaceutical Industries was quoting at Rs 875.70, up Rs 2.70, or 0.31 percent on the BSE.
Posted by Sunil Shankar Matkar
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