UBS upgrades Ranbaxy to 'buy' from 'sell'
Brokerage firm UBS upgraded Ranbaxy Labs to 'buy' from 'sell'. It said that the valuations had become attractive after the sharp decline in shares on regulatory concerns.
July 29, 2013 / 15:10 IST
UBS upgrades Ranbaxy Laboratories to "buy" from "sell", saying valuations have turned "attractive" after a recent sharp decline in shares on regulatory concerns.
Also read: Wockhardt to appoint consultant for USFDA complianceRanbaxy shares have fallen more than 30 percent since May when the company pled guilty to felony charges related to manufacturing practices and for falsifying data in a USD 500 million settlement with the US Department of Justice.UBS says it does not expects Ranbaxy to face further disruption in the US business and expressed confidence the drugmaker is taking steps to boost profitability and margins, especially in the US market.Ranbaxy shares are down 2.9 percent, underperforming a 0.5 percent fall in the Nifty, as the stock continues to be hit by concerns it will face additional US regulatory scrutiny. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
