Mumbai: Sun Pharmaceuticals Industries Ltd's shares on Monday risen more than 4 percent after Morgan Stanley doubled the inventory upgrade to overweight and raised its target price.
The inventory was upgraded in anticipation of a resurgence in the company's income from fiscal 2021, driven by steady growth in base activities combined with plateauing of present high cost structure, resulting in favorable operating leverage.
So far, the company's shares have risen as much as 4.12 percent to reach a BSE high of some 4424.50. The scrip was traded at 11.16 am at some 416, 2 percent higher than the earlier closing.
Globally aging population, pressure to contain costs, significant patent expires, and new markets (such as Japan) will define global opportunities, said Morgan Stanley report.
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