Sun Pharmaceutical may test Rs 715: Bhavin Shah

Bhavin Shah, CEO at Equirus Securities told CNBC-TV18, "The pharma stocks have done very well. However, we believe that market is kind of under estimating some of the opportunities that Sun Pharmaceutical Industries has in front of it especially with drugs like Lupron Depot and Glivec with 180 day exclusivity. Then Taro business has very strong potential. So, we think that high teens, organic earnings growth is quite possible with Sun Pharma. So looking at March 2015 we are looking at target price of Rs 715 at 23x of trailing earnings."

At 14:00 hrs Sun Pharmaceutical Industries was quoting at Rs 570.05, down Rs 5.45, or 0.95 percent.

The share touched its 52-week high Rs 650 and 52-week low Rs 347.10 on 10 October, 2013 and 21 January, 2013, respectively.