Nomura ratings upgrades Ranbaxy Laboratories to 'buy', shares gain
Reuters: Mumbai, Mar 11 2013, 10:23 IST
Shares in India's Ranbaxy Laboratories gained after Nomura upgraded the stock to "buy" from "neutral" and raised its target price to 475 rupees from 415 rupees.
Nomura cited recent underperformance and a positive take away from management interaction as reasons for the upgrade.
"The organisational restructuring has brought greater clarity and there is strong commitment towards improvement in margins, in our assessment," Nomura said in a note.
The research house noted positive catalysts include FDA approval for Diovan and other key products as well as improvement in base business margins.
Ranbaxy shares up 2.1 percent at 411.60 rupees.
Stocks More on Ranbaxy Labs
Previous Story It's a done deal... Narendra Modi only PM candidate: Arun Shourie Next Story Global markets: Dollar near highs vs yen on jobs, Asian shares steady
Reader's Comments| Post a Comment
Be the first to comment.
