Ranbaxy rises 4% on HSBC overweight report
HSBC raised its rating on shares of Ranbaxy Laboratories Ltd to 'overweight' from 'underweight' after the Indian drugmaker said it would resume production of a generic version of cholesterol fighter Lipitor for sale in the United States.
HSBC raised its rating on shares of Ranbaxy Laboratories Ltd
HSBC added other factors behind its upgrade were share valuations after a recent correction, as well as the near-term catalysts such as the launch of additional generic drugs and the probability of a recovery in US sales.
Ranbaxy Labs' shares were up 4.22 percent to Rs 430.75 as of 9:58 am.