Citigroup resumes coverage of Sun Pharmaceutical Industries Ltd with a "buy" rating and a target price of Rs 970.

Citi says Sun Pharma "stands out" in the sector due a "superior" business mix, with around 80 percent of its revenue coming from the United States and India, and growing fast in the rest of the world.

The investment bank also notes Sun's "excellent" track record on financial metrics, and expects growth to stay "strong" and premium valuations to sustain.

Sun shares were down 0.3 percent as of 3.26 pm, outperforming a 1.5 percent fall in the Nifty.