Sun Pharma shines bright

Sun Pharma has hit a new all-time 52-week today at Rs.597.30, zooming up from its yesterday’s close of Rs.581.30. It has come off the highs but remains in firmly in the green.

The stock hit a new high after its rival, Janssen announced that it is facing a shortage of cancer drug, Doxil in USA once again. Interruption in supply from Janssen’s own suppliers is expected to lead to a shortage from Oct’13. This is viewed as good news for Sun as it means more business will now come to the company. Both the companies together have a 50% market share each in cancer treatment drugs.  Barclay’s has put out a report stating that this situation could mean that Sun will repeat its success  of last year when it comes to financials.