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Feb 25, 2013, 10.00 AM IST
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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