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)
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The United States on Wednesday urged the Indian government that emerges from ongoing elections to follow economic policies that encourage investment, saying Washington would like to see bilateral trade grow to $500 billion a year. Full Article