Buy Sun Pharma; target of Rs 2099: Networth Stock Broking

Networth Stock Broking is bullish on Sun Pharmaceutical Industries and has recommended buy rating on the stock with a target of Rs 2099 in its September 8, 2010 research report.

“Sun Pharmaceutical Industries (SPIL) today announced that the Supreme Court of Israel has unanimously dismissed the appeal by Taro Pharma of the previous ruling by the Tel-Aviv District Court holding that the Israeli special tender offer (STO) rules don't apply to the Tender Offer by Sun's subsidiary, Alkaloida Chemicals, to purchase all outstanding Ordinary Shares of Taro for USD 7.75 net per ordinary share in cash. We have to keep in mind that the open offer to buy shares is at USD 7.75 per share, while the current market price of Taro shares on NYSE is USD 11.40. Looking at the current scenario, it seems highly unlikely that SPIL would be able to garner a significant quantity of shares from the market.”

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