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'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%.
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