Sun Pharmaceuticals having a good day at Dalal Street

Sun Pharmaceuticals Industries, India's top drug maker, rose to near 3-month highs after the company said it had got an approval from the USFDA to sell an anti-acne medicine in the United States.

The move would strengthen Sun Pharma's branded dermatology portfolio in the United States, the company added

Sun Pharma surged 33 rupees, or 3.5 percent, to 960.20 rupees on the National Stock Exchange where 45 lakh shares were traded compared with a 5-day average of 34 lakh shares. Sun Pharma was the 2nd best gainer on the futures market as also the second most traded future in the derivatives space. The stock was trading above its 20-day moving average.

Sun said that its Ximino brand of extended-release capsules are prescribed for inflammatory lesions of non-nodular moderate to severe acne vulgaris in patients 12 years of age and older. The extended-release capsules are likely to be available during the fourth quarter of 2015.

Sun, India's most valuable pharma company, has a market capitalisation of 2.31 lakh crore rupees, up 13 percent in the past one year. The stock has retraced from its most recent high of 1160 rupees hit in early April.

(Image credits: Indiatimes)