Sun Pharma rebounds on stake buy in US  Co, brokers say Hold key....!

Healthcare major Sun Pharmaceutical Industries shares rebounded over 2% intraday Friday on short covering and after the company picked up a stake in the U.S company. Analysts say Halol plant resolution is the key for future growth shed 11% in previous seen consecutive sessions on fears of delay for Halol plant resolution.

One of the wholly owned subsidiaries of the company has acquired 1.3 crore series preferred stock of SC Pharmaceticals INC Today which is equivalent to 14.58 percent fully diluted equity stake on coversion by way of alllotment for 13 million, the Pharma major sai in its filling Incorporate in 2014, Sc pharmacauticals Inc is united state pharmaceutical products for subcutancous delivery..

Its lead products are the first formulation of furosemide (the most widely) used parenteral antibotic outside the hospital setting. Meanwhile Bank of America Merrill lynch has lowered its target prices stock to Rs 750 following cut in earnings estimates though it has maintained buy rating on the stock.