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.
Ranbaxy Labs stock price
On August 20, 2014, Ranbaxy Laboratories closed at Rs 629.55, up Rs 27.70, or 4.60 percent. The 52-week high of the share was Rs 632.00 and the 52-week low was Rs 297.25.
The company's trailing 12-month (TTM) EPS was at Rs 9.78 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 64.37. The latest book value of the company is Rs 25.87 per share. At current value, the price-to-book value of the company is 24.34.
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