The scrip, which opened at Rs 1,000, moved up to close at Rs 1,028 on Thursday on the Bombay Stock Exchange (BSE). Volumes at the counter spurted to 22,82,592 even as the Ranbaxy GDR price, at mid-session, was up 6.43 per cent to $23.60. Since June 18, the Ranbaxy scrip, which was at the Rs 680 level, has gained more than 70 per cent to close at Rs 1,028 on the BSE on Thursday. On August 5, the scrip had touched an all time high of Rs 1,025.

Industry sources say the Ranbaxy-Bayer AG licensing deal could see the Indian company rake in royalty inflows of 12 per cent on net sales (in markets where the patent is licensed to the German multinational) spread over a 16-year period. Ranbaxy's official spokesperson, however, said the company had no statement to make on the issue.

Sources saythe royalty receipts will be besides a basic lumpsum and milestone payments that would accrue to Ranbaxy as the NDDS progresses through various stages of development. Significantly, indications are that most of these inflows are unlikely to materialise before 2001.

Ranbaxy's ciprofloxacin NDDS is a single day dose as compared with the conventional prescription of two/three doses each day. The Delhi-based company says it is working towards delivering one NDDS every two years and areas of active interest include anti-infectives, anti-histamines and the cardiovascular segment.

Marketmen also say rumours of a private placement of 10 per cent of the promoters equity at $34 per share to a multinational (Bayer and Johnson & Johnson are the names doing the rounds) has fuelled further interest in the counter. Bayer India's official spokesperson in a faxed respose to The Financial Express said, "We would like to state that we refuse to comment on any market rumours".

Analysts say looking at the immediate future,in the event of some positive development, the market is looking at a price of Rs 1,200 and above. Even in a falling market, the counter had held firm around the Rs 1,000 level. On Tuesday, even while the Sensex shed 45 points, the Ranbaxy scrip moved up, albeit marginally, and closed at Rs 993 from its Monday close of Rs 990.50.