Monday, 25 August 2014

Ranbaxy hits 52-week high on UBS upgrade

Shares of Ranbaxy Laboratories  gained momentum for fourth consecutive session to hit 52-week high after UBS raised its target price. 

According to the brokerage, the stock is a cheaper way to buy Sun Pharmaceuticals. It will benefit from strong outlook of Sun Pharma. 

It has raised target price to Rs 784 from Rs 600 earlier. 

Sun Pharma  recently announced acquisition of Ranbaxy for $4 billion. The former's shareholders have approved merger and approved the share swap-ratio as well. 



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