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)
Trending On Reuters
Overwhelmed doctors moved hundreds of patients onto the streets of Nepal's capital on Sunday when aftershocks rattled hospitals and buildings already damaged by an earthquake that killed more than 2,400 people and devastated Kathmandu valley. Full Article | Slideshow
RBI chief Rajan calls for formal financing routes for farmers - report Full Article