Ranbaxy surges after profit, Sun Pharma also gains

Reuters Market Eye - Ranbaxy Laboratories gains 4.5 percent. Sun Pharmaceutical Industries , which is in the process of acquiring Ranbaxy, also jumps 4.4 percent.

Ranbaxy posts a profit of 4.78 billion rupees ($78 million), compared with a loss of 4.5 billion rupees a year earlier.

The company's earnings got a boost from the launch of generic Valsartan in the U.S. with 180 days exclusivity, say analysts.

Valsartan is a cheaper copy of Novartis AG's blood pressure pill Diovan.

The pharma index <.CNXPHARM> gained 1.7 percent.

Ranbaxy Laboratories gains 4.5 percent.

Sun Pharmaceutical Industries , which is in the process of acquiring Ranbaxy, also jumps 4.4 percent.

 

Ranbaxy posts a profit of 4.78 billion rupees ($78 million), compared with a loss of 4.5 billion rupees a year earlier.

The company's earnings got a boost from the launch of generic Valsartan in the U.S. with 180 days exclusivity - Analysts.

Valsartan is a cheaper copy of Novartis AG's blood pressure pill Diovan.

The pharma index <.CNXPHARM> gained 1.7 percent.

(Reporting by Abhishek Vishnoi)