Published on : Mar 18, 2015
Sun Pharmaceuticals has recently overtaken the State Bank of India as the nation’s eigth most valuable firm with respect to market capitalization. By the finishing time of trade on Tuesday, Sun Pharma’s market cap was steady at R2.15 lakh crore, as opposed to the SBI’s R2.1 lakh crore.
Market analysts have maintained their support for Sun Pharma’s stock after the U.S. Food and Drug Association gave the green signal for the NDA Elepsia XR. The company had recently announced that the U.S. FDA has approved its NDA Elepsia XR, a drug that was supposed to be filed from the pharma company’s facility over at Halol. The Halol facility is the largest Sun Pharma manufacturing center for the U.S.
Since the issuance of Form 483 by the FDA which included 23 observations at Halol, dated in September 2014, this will be the first approval. It implies that the U.S. FDA will give clearance to their facility.
Analysts said that it will remove the most crucial stress factor for Sun Pharma. Post the FDA approval, Sun Pharma shares have risen 3.5 per cent.
Sun Pharma shares on Tuesday finished with a 1.12 per cent rise to reach a value of R1,039.70. On the other hand, State Bank of India stocks increased by a lower 0.41 per cent to finish up at R282.80 on the BSE.
Dilip Sanghvi, the promoter of Sun Pharma, overtook Mukesh Ambani in early March to become the richest Indian. Sanghvi’s net worth currently stands at US$21.5 billion. Leading the Indian list of most valued companies is the state run ONGC, followed by Ambani’s RIL.