Sun Pharma rises after CLSA raises target price

Reuters | Updated on: Jan 23, 2018

Shares of Sun Pharmaceutical Industries moved up 1.09 per cent on Friday on the BSE.

The stock is up Rs 10.25 or 1.09 per cent at Rs 949.50.

CLSA has raised the target price to Rs 1,160 from Rs 1,130 and has maintained "high conviction buy".

It said that issues at unit Ranbaxy's Mohali plant are less severe than those at other plants undergoing remedial action.

It also added that resumption of operations at Mohali plant in the medium term could de-risk operations at Halol and Ohm Labs, and may provide an upside to the $250 mln synergies' estimate.

Published on July 17, 2015
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