Sun Pharma spurts up 4.5%

Sun Pharma has been waiting so long for the US FDA to come and re-inspect its Halol facility which has got adverse observations; this in turn has led to a stoppage of new approvals. And this prolonged stoppage, where Halol contributes mainly to the US business reflected in the Q2FY18 performance where sales from US had declined 12% sequentially and 44% on a YoY.

There is unconfirmed news on the Street that the FDA is expected to pay a visit to Halol sometime in second week of February and begin its inspection post the observations. It is very crucial for this to happen soon and go through successfully.

The stock price, merely on announcement of this unconfirmed news jumped up 4.5% to Rs.604.50 and continues to remain firmly in the green.