Brokerage house Karvy Stock Broking has upgraded its price target by 6.5 % to Rs 2,066 on Sun Pharmaceutical Industries and has maintained its `market performer` rating on the stock in its report dated Sep.22, 2010. It has provided thef
Following rationale:
Sun Pharma has completed the acquisition of the controlling stake in Taro Pharma pursuant to the Option Agreement entered into in 2007 with Taro`s controlling shareholders led by Taro`s Chairman, Dr Barrie Levitt. Sun`s subsidiaries have increased their economic interest in Taro to 48.7% and their voting rights to 65.80%. In connection with the closing of the option agreement, the parties to the transactions, as well as Taro`s directors, have settled all outstanding litigation among themselves.
> Taro Pharma has an established franchise in dermatology and topical products in the US in addition to generic product offerings in cardiovascular, neuro-psychiatric and anti-inflammatory therapeutic categories. Taro has strategic sales and marketing operations in Israel and Canada. Taro has 140 approved US ANDA products.
> The company intends to build on Taro`s market presence in US, Israel and Canada and its expertise in dermatology and pediatrics, along with specialty and generic pharmaceuticals, and over-the counter products.
Sun Pharma has affirmed to have productive relations with Taro`s employees, and maintaining and enhancing Taro`s facilities in Israel as well as Canada.
> The company has tangible plans to significantly increase volume of production and approve further investments in Research and Development in Israel and Canada, especially in delivery systems and complex chemistry. Sun Pharma (Q,N,C,F)* is also looking forward to increase the number of product filings of higher complexity onaccount of Taro`s R & D skills.
Shares of the company declined Rs 31.4, or 1.63%, totrade at Rs 1,890. The total volume of shares traded was 31,134 at the BSE (3.54 p.m., Thursday).
Following rationale:
Sun Pharma has completed the acquisition of the controlling stake in Taro Pharma pursuant to the Option Agreement entered into in 2007 with Taro`s controlling shareholders led by Taro`s Chairman, Dr Barrie Levitt. Sun`s subsidiaries have increased their economic interest in Taro to 48.7% and their voting rights to 65.80%. In connection with the closing of the option agreement, the parties to the transactions, as well as Taro`s directors, have settled all outstanding litigation among themselves.
> Taro Pharma has an established franchise in dermatology and topical products in the US in addition to generic product offerings in cardiovascular, neuro-psychiatric and anti-inflammatory therapeutic categories. Taro has strategic sales and marketing operations in Israel and Canada. Taro has 140 approved US ANDA products.
> The company intends to build on Taro`s market presence in US, Israel and Canada and its expertise in dermatology and pediatrics, along with specialty and generic pharmaceuticals, and over-the counter products.
Sun Pharma has affirmed to have productive relations with Taro`s employees, and maintaining and enhancing Taro`s facilities in Israel as well as Canada.
> The company has tangible plans to significantly increase volume of production and approve further investments in Research and Development in Israel and Canada, especially in delivery systems and complex chemistry. Sun Pharma (Q,N,C,F)* is also looking forward to increase the number of product filings of higher complexity onaccount of Taro`s R & D skills.
Shares of the company declined Rs 31.4, or 1.63%, totrade at Rs 1,890. The total volume of shares traded was 31,134 at the BSE (3.54 p.m., Thursday).
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