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MUMBAI, May 22. SHARES of Mumbai-based pharma major, Sun Pharmaceuticals Ltd, have been heading northwards, gaining 12 per cent over the last 23 days on the Bombay Stock Exchange (BSE).
The upward movement of the stock has been triggered by an announcement by Sun Pharma's joint venture company, Caraco Pharmaceutical Laboratories Ltd, that it has received US FDA (US Food & Drug Administration) approval for its two products, according to analysts tracking the pharmaceutical industry.
Caraco, in which Sun Pharma owns a 48.54 per cent stake, had on April 30, announced that it received US FDA approvals for Flurbiprofen tablets and Clonazepam tablets.