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.

Ranbaxy Labs stock price

On April 16, 2014, Ranbaxy Laboratories closed at Rs 466.15, down Rs 2.05, or 0.44 percent. The 52-week high of the share was Rs 505.00 and the 52-week low was Rs 253.95.


The latest book value of the company is Rs 3.41 per share. At current value, the price-to-book value of the company was 136.70.

READ MORE ON  Ranbaxy Laboratories, HSBC
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