HSBC ups Ranbaxy to overweight on generic Lipitor announcement
MUMBAI (Reuters) - HSBC raised its rating on shares of Ranbaxy Laboratories Ltd (RANB.NS) 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 U.S. sales.
Ranbaxy shares were up 3.3 percent as of 9:34 a.m.
(Reporting by Abhishek Vishnoi; Editing by Anand Basu)
- Tweet this
- Share this
- Digg this
- U.S. diplomats' return to Libya could be more hazardous than exit
- Australia approves Adani's $16 bln Carmichael coal project
- Analysis - Amazon's far-reaching ambitions, lack of profits, unnerve investors
- Israel extends Gaza ceasefire for 24 hours, Hamas rejects terms
- Reliance Power to buy Jaiprakash's hydropower business
The Australian government on Monday approved Indian firm Adani Mining Pty Ltd's $15.5 billion Carmichael coal and rail project in Queensland, subject to strict conditions to protect groundwater. Full Article