Short term Buy Call For Sun Pharma

Short term Buy Call For Sun PharmaTechnical analyst Hitesh Chotalia maintained 'buy' rating on Sun Pharmaceutical Industries Limited stock with a target of Rs 460.

According to analyst, the stock can be purchased with a stop loss of Rs 422.

Today, the stock of the company opened at Rs 438.50 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 511.45 and a low of Rs 296.99 on BSE.

Current EPS & P/E ratio stood at 17.50 and 24.97 respectively.

Sun Pharmaceutical Industries registered a consolidated net profit of Rs 350.15 crore for October-December period.

The company's net profit during the same period of 2009 remained at Rs 338.95 crore.

Company's net sales remained at Rs 1,601.07 crore for the period under review, whereas the same stood at Rs 1,020.86 crore during the same period in 2009.

The company stated that its financial outcomes for the third quarterly period of 2010-11 are not equivalent to the same period in last fiscal, as Israel's Taro Pharmaceutical Industries turned its part during the period.

Sun Pharma CMD Dilip Shanghvi stated, "Overall performance across most markets continue to be in line with our expectations. Medium to long-term priorities remain focused on building a stronger presence in our key as well as emerging markets."

Sun Pharma introduced nine products in the quarter, taking the total for the initial nine months to 30.

From US generics, Sun Pharma's net sales were $102 million for the quarter ended December 31, 2010, whilst the net profit was $4.4 million.