 "Sun Pharma gains as Taro drops wind energy investment")
Sun Pharmaceutical Industries is trading higher by 3.3% at Rs 732 on the BSE after the drug maker said that it has shelved plans to invest in wind energy project in the United States (US) following investor concerns.
“Some of the company's subsidiaries were contemplating an investment in a wind energy project in the US. Subsequent to a further evaluation, these subsidiaries have decided not to proceed with this potential project,” Sun Pharma said in a regulatory filing.
On Tuesday, Taro Pharmaceutical Industries, its US subsidiary, withdrew the investment proposal in its annual general body meeting notice.
The stock hit an intra-day high of Rs 733 and has seen a combined three million shares changed hands on the counter on the BSE and NSE till 10:05 AM. It was the biggest gainers among 30-share Sensex.
In past one-month, the stock had underperformed the market by declining 20% as compared to 6% dropped in the S&P BSE Sensex.
“Some of the company's subsidiaries were contemplating an investment in a wind energy project in the US. Subsequent to a further evaluation, these subsidiaries have decided not to proceed with this potential project,” Sun Pharma said in a regulatory filing.
On Tuesday, Taro Pharmaceutical Industries, its US subsidiary, withdrew the investment proposal in its annual general body meeting notice.
The stock hit an intra-day high of Rs 733 and has seen a combined three million shares changed hands on the counter on the BSE and NSE till 10:05 AM. It was the biggest gainers among 30-share Sensex.
In past one-month, the stock had underperformed the market by declining 20% as compared to 6% dropped in the S&P BSE Sensex.
