Sun Pharma shares gain on higher prices for drugs
Reuters: Mumbai, Feb 22 2013, 12:56 IST
Shares of Sun Pharmaceutical Industries gained 1.5 per cent after Credit Suisse said the drug maker's subsidiary Taro Pharmaceutical Industries has pushed through price increases in three products last week, citing industry checks.
Credit Suisse estimates those three drugs account for 35 percent of Taro U.S. sales.
The price increases raise sustainable sales estimates for Taro to $680 million versus $640 million earlier for FY 2015, the investment bank adds.
Credit Suisse maintains its "outperform" rating on the stock and raises its target price to 900 rupees from 840 rupees, in part by factoring higher sales estimates for Taro.
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