Sun Pharma surges on ruling by US Supreme Court

MUMBAI, Apr 18: Shares of Sun Pharmaceutical Industries surged over 2 per cent after the US Supreme Court ruling on a patent litigation by its subsidiary Caraco Pharmaceutical Laboratories.
In a regulatory filing, Sun Pharma said the US Supreme court has ruled in favour of Caraco in its patent litigation against Novo-Nordisk, over Caraco’s generic version of Prandin, Repaglinide tablets.
The company said that it is a landmark judgement for generic companies.
Reacting to the development shares of the company witnessed a record high of Rs 599 on the BSE, posting a jump of 2.53 per cent over its last closing price of Rs 584.20.
The scrip was later trading at Rs 596.90, up 2.17 per cent on the BSE at 1145 hours.
Similar movement was witnessed on the National Stock Exchange as well, where the stock opened at Rs 588.05, then jumped 2.61 per cent to see a high of Rs 600.
The scrip was later trading at Rs 597.15, up 2.13 per cent on the NSE at 1146 hours.
Marketmen said the positive news helped the stock gain momentum. Besides, the broader market was also trading on the positive territory.