The shares of Sun Pharmaceutical Industries headed for the fourth day of gains on Friday as they jumped over 3 per cent in noon trade on hopes that company’s paralysis drug Keveyis may boost sales.
At 12.13 am, the shares were trading up 3.09 per cent at Rs 906.20. On NSE, the shares were up 3.24 per cent at Rs 907.50.
According to a brokerage firm Ambit Capital, Keveyis drug could add $1 billion net present value to Sun’s unit Taro. It has estimated that Taro can earn revenues of $160 mln-$650 mln per year from the drug depending on patients and pricing.
Taro hops Keveyis will be available for patients during the third quarter of 2015.
Ambit has however retained its ‘no stance’ rating on Sun Pharma.
Sun Pharmaceutical Industries this week had reported 60.23 per cent decline in consolidated net profit at Rs 478.96 crore for the April-June quarter due to one-time exceptional charges of Rs 685.17 crore related to write-downs and integration of Ranbaxy.