Buy Ranbaxy Laboratories, target of Rs 183: KRChoksey
KRChoksey has maintained its buy rating on Ranbaxy Laboratories with a price target of Rs 183 in its April 1, 2009 research report. “Ranbaxy to launch Daiichi Sankyo’s innovative antihypertensive drug, “Olvance” in India. We have revised our earnings estimate keeping in view the revenue inflow from the approval for the generic version of Imitrex and the launching of anti hypertensive drug, Olvance. We are positive about Ranbaxy as Medicines and Healthcare products Regulatory Agency (MHRA) of UK, and the Therapeutic Goods Administration (TGA), Department of Health and Ageing of the Australian Government, have issued Good Manufacturing Practice (GMP) certificates for its manufacturing site at Paonta Sahib (India), following a joint audit conducted in October 2008.”
“The MHRA approval will not only cover product filings for the UK but will also apply to product filings for the entire European Union. We maintain our BUY rating to the stock with a price objective of Rs 183,” says KRChoksey’s research report.
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