Sun Pharma rises after USFDA approval for generic drug

Sun Pharmaceutical Industries rose 1.85% to Rs 543 at 9:58 IST on BSE after the company said one of its wholly-owned subsidiaries received US drug regulator's approval for generic Zetia tablets. The announcement was made before trading hours today, 13 June 2017. Meanwhile, the S&P BSE Sensex was up 62.99 points, or 0.20% to 31,158.69. On the BSE, 2.55 lakh shares were traded in the counter so far, compared with average daily volumes of 5.10 lakh shares in the past one quarter. The stock had hit a high of Rs 551.40 and a low of Rs 540.20 so far during the day. The stock hit a 52-week high of Rs 854.50 on 4 August 2016. The stock hit a 52-week low of Rs 493 on 29 May 2017. Commodity Trading Tips

The stock had underperformed the market over the past one month till 12 June 2017, falling 18.43% compared with 3.01% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 24.72% as against Sensex's 5.61% rise. The scrip had also underperformed the market in past one year, falling 28.54% as against Sensex's 17.80% rise. The large-cap company has equity capital of Rs 239.93 crore. Face value per share is Re 1. Sun Pharmaceutical Industries announced that one of its wholly-owned subsidiaries has received final approval from US Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for generic version of Zetia, (ezetimibe) tablets 10mg. These generic ezetimibe tablets are therapeutic equivalents of Merck's Zetia tablets. As per IMS, ezetimibe tablets had annual sales of approximately $2.7 billion in the US for the 12 months ended April 2017. Zetia is used to help lower cholesterol in the blood. Nifty Trading Tips