India's Sun Pharma hits over 3-mth high after U.S. FDA lifts supply curbs

Sun Pharma Advanced Research

13/06/2018 05:15

** Shares of Sun Pharmaceutical Industries  SUN.NS  gain as
much as 3.8 pct to 560.95 rupees - highest since March 6
    ** Stock is top percentage gainer on the broader NSE index
 .NSEI  which was up 0.25 pct as of 0358 GMT
    ** Shares of its research arm Sun Pharma Advanced Research
Company Ltd  SPRC.NS  jump as much as 5.5 pct to 438 rupees -
highest since Feb. 27
    ** SUN said on Tuesday that supply restrictions imposed on
India's largest drugmaker by the U.S. Food and Drug
Administration (FDA) have been lifted  urn:newsml:reuters.com:*:nL4N1TE4P3
    ** SUN will now be able to resume shipments of drugs made at
its Halol plant in the western Indian state of Gujarat, which
contributed as much as 15 pct to its U.S. revenue in 2015
    ** Expect reasonable number of good approvals going forward
and a couple of SPRC pipeline products could be approved as
these were held up primarily due to compliance issues at Halol -
Citi Research 
    ** Citi maintains "neutral" rating on SUN, price target at
520 rupees
    ** Fifteen of 39 analysts covering the stock have a "buy" or
higher rating, 12 have "hold" while 12 rate it at "sell" or
lower; median PT is 513 rupees - Thomson Reuters Eikon data
    ** More than 3 mln SUN shares change hands vs. 30-day moving
avg of 7.2 mln
    ** Up to Tuesday's close, SUN's stock had fallen 28.3 pct
since the FDA issued https://in.reuters.com/article/india-pharmaceuticals0-sun-pharma-idINKBN0U207I20151219
 a "warning letter" to the company for violating manufacturing
standards at its Halol plant in Dec. 2015
    
   
    

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Sun Pharma    https://reut.rs/2JIFzU6
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 ((Reuters Messaging:
Jessica.Kuruthukulangara.reuters.com@reuters.net))