India's Sun Pharma hits record high on buying remaining stake in Israeli unit

Taro Pharmaceutical Industries

18/01/2024 10:11

** Shares of Sun Pharma  SUN.NS  close up at 2.8% to 1,335.75
rupees, hitting a record high  
    ** Co says it will buy remaining stake in Israeli unit Taro
Pharmaceutical Industries  TARO.N  for ~$348 mln
    ** Stock one of the top gainers in Nifty Pharma  .NIPHARM 
index, which was up 1%
    ** Shares trading above 200-day moving avg since May 31,
2023
    ** More than 2.8 mln shares traded, 1.5x the 30-day avg
    ** Avg rating of 31 analysts close to equivalent of "buy,";
median PT is 1,280 rupees - LSEG

 (Reporting by Hritam Mukherjee and Navamya Ganesh Acharya in
Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))