Sun Pharma gains on brighter outlook for key drug

Sun Pharmaceutical Industries Ltd rose 1.1 per cent to near a record high and a second day of gains, after a competitor raised revenue guidance citing strong sale of a generic antibiotic also sold by Sun Pharma.

Hikma Pharmaceuticals Plc on Monday raised its full-year revenue forecast for the second time in as many months on strong sales of its generic version of antibiotic doxycycline.

"We expect this product to easily contribute around $60-80 million in sales in FY14 for Sun," Macquarie said in a report on Wednesday referring to generic doxycycline.

Copyright: Thomson Reuters 2013