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 , 2015, Ranbaxy Laboratories closed at Rs 859.90, up Rs 0.00, or 0.00 percent. The 52-week high of the share was Rs 869.00 and the 52-week low was Rs 371.00.
The latest book value of the company is Rs 25.79 per share. At current value, the price-to-book value of the company was 33.34.
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Dont see mkt going anywhere now; like Bharat Forge: Dipen