HSBC ups Ranbaxy to overweight on generic Lipitor announcement

MUMBAI Mon Feb 25, 2013 9:36am IST

A patient holds free medicine provided by the government at Rajiv Gandhi Government General Hospital (RGGGH) in Chennai July 12, 2012. REUTERS/Babu/Files

A patient holds free medicine provided by the government at Rajiv Gandhi Government General Hospital (RGGGH) in Chennai July 12, 2012.

Credit: Reuters/Babu/Files

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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)

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