Sun Pharma stock up nearly 3%; scales 52-week high in intra-day
Mumbai: Shares of Sun Pharma Thursday closed with nearly 3 percent gains on hopes of higher sales of a key cancer drug in the US, amid reports that the drug would likely to be in shortage soon.
Sun Pharmaceutical Industries' scrip ended the day at Rs 583.50, up 2.62 percent on the BSE. In intra-day trade, the scrip jumped 3.2 percent to Rs 586.80 -- its 52-week high.
At the NSE, the stock gained 2.28 percent to settle at Rs 582.
As per reports, Janssen, a unit of Johnson & Johnson, has announced shortage of cancer drug, Doxil in the US.
Sun Pharmaceuticals and J&J have 50 percent share each in Doxil, used in treatment of cancer, it said.
"...Doxil is expected to have contributed around US USD 120-130 mn in CY2012 for Sun pharma and hence is a key player in the market along with J&J. Thus, any disruption on back of the same, would add significantly to the company's," said Sarabjit Kour Nangra (VP-Research, Pharma), Angel Broking.
Meanwhile, in the stock market, the BSE benchmark Sensex ended the day at 19,893.85, up 37.61 points.