Sun Pharma Shares Hit Record After Acquiring Israel-Based Libra Merger
The pharmaceutical major acquired 100% of shares of Libra Merger Ltd., according to an exchange filing on Tuesday.
![<div class="paragraphs"><p>(Photo source: Sun Pharmaceutical Industries website)</p></div>](https://media.assettype.com/bloombergquint%2F2023-12%2Fbc048476-030a-4c18-b9e3-fe9c22663596%2FSun_Pharma_website.jpg?auto=format%2Ccompress&w=200)
Shares of Sun Pharmaceutical Industries Ltd. hit an all-time high on Wednesday after it bought an Israel-based company.
The pharmaceutical major acquired 100% of shares of Libra Merger Ltd., according to an exchange filing on Tuesday.
![Sun Pharma Shares Hit Record After Acquiring Israel-Based Libra Merger](https://media.assettype.com/bloombergquint%2F2024-01%2F50714088-9bf5-4d0f-b8ae-c5c6d59f7f30%2FSUNPHARMA__1_.png?auto=format%2Ccompress)
Sun Pharma's stock rose 0.65% during the day to Rs 1,304.65 apiece on the NSE. It was trading 0.25% higher at Rs 1,299.40 apiece, compared to a 0.4% decline in the benchmark Nifty 50 as of 10:07 a.m.
The total traded volume so far in the day stood at 1.5 times its 30-day average. The relative strength index was at 76.7, indicating that the stock may be overbought.
Thirty-seven out of the 40 analysts tracking the company have a 'buy' rating on the stock, two recommend a 'hold' and one suggests a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 1.7%.