Nomura raises Ranbaxy to 'buy' on Sun takeover
Reuters Market Eye - Ranbaxy Laboratories (RANB.NS) gains 0.2 percent to 481 rupees after Nomura upgrades the stock to "buy" from "reduce" and raises its target price to 543 rupees from 321 rupees on the back of its takeover by Sun Pharmaceutical Industries (SUN.NS).
Although Nomura says Ranbaxy shares look expensive on valuation, it notes the stock should now move in tandem with Sun Pharma, hence the steep increase in its target price.
Ranbaxy shares are trading well above the Sun offer that valued the takeover target at 457 rupees apiece.
Sun is trading 0.1 percent higher at 637.30 rupees.
(Reporting by Abhishek Vishnoi)
- Tweet this
- Share this
- Digg this
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
- Indians keep faith with Modi, best hope for economy - poll
- Oil ministry to seek Cabinet nod on diesel deregulation - sources
- Kentucky firefighter critical after ice bucket challenge mishap
- Kerala, India's wettest state, to go dry - in 10 years
More than 70 percent of Indians are satisfied with the leadership of Prime Minister Narendra Modi since he took office nearly three months ago, an opinion poll showed, seeing in him the best hope to put the economy back on track. Full Article
India to hike iron ore royalty, miners may struggle to pass on extra cost. Full Article