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

Related Topics

Stocks

   

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)

FILED UNDER:

Reuters Showcase

FMC-SEBI Merger

FMC-SEBI Merger

Regulatory shakeup could revive commodities markets   Full Article 

Market Eye

Market Eye

Sensex, Nifty end higher after bumpy budget-day trading  Full Article 

Tax Incentives

Tax Incentives

Budget woos foreign investors  Full Article 

Excise Duty

Excise Duty

Cigarette makers fall after budget hikes excise duty  Full Article 

Welcoming the Budget

Welcoming the Budget

India Inc cheers corporate tax cut, simpler rules  Full Article 

Gold Price

Gold Price

Gold prices to rise after budget keeps import duty high  Full Article 

Fuel Prices

Fuel Prices

IOC to raise diesel, petrol prices from Sunday  Full Article 

Moody's on Budget

Moody's on Budget

Budget "credit neutral" from a ratings perspective - Moody's   Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage