MUMBAI 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
Four state-run banks reported a spike in bad loans and provisions for sour debt on Tuesday after a clean-up exercise ordered by their regulator, sending three of them to net losses for the fiscal third quarter. Full Article