Moneycontrol
Feb 25, 2013 10:00 AM IST | Source: Reuters

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.

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 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.

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