India's Sun Pharma gains after Macquarie reiterates "buy" rating

Taro Pharmaceutical Industries

24/05/2023 11:02

** Shares of Sun Pharmaceutical Industries Ltd  SUN.NS  rise
as much as 2.49% to 954.80 rupees
    ** Stock is top gainer on Nifty 50 index  .NSEI 
    ** Global brokerage firm Macquarie reiterates "outperform"
on SUN with a target price of 1,275 rupees
    ** SUN's unit Taro Pharma's March quarter results beat
revenue and core profit estimates, says Macquarie
    ** Adds core profit margin of Taro jumped to 13.70% compared
with estimates of 8%
    ** Trading volume was 2.91 mln shares as of 3:24 p.m. IST,
1.3 times the 30-day avg. - Refinitiv data
    ** Of the 38 analysts tracking SUN, 34 maintain "buy", one
suggests "sell" and three recommend "hold"; median TP is
1,177.50 rupees 
    

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))