According to the brokerage, the stock is a cheaper way to buy Sun Pharmaceuticals. It will benefit from strong outlook of Sun Pharma.
It has raised target price to Rs 784 from Rs 600 earlier.
Sun Pharma recently announced acquisition of Ranbaxy for $4 billion. The former’s shareholders have approved merger and approved the share swap-ratio as well.
At 09:45 a.m.; the stock was at Rs 655, up 1.55 per cent, on the BSE. It gained 1.96 per cent to touch 52-week high of Rs 657.65 in trade today.
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