Nomura raises Ranbaxy to buy on Sun takeover
Apr 29 2014 , Mumbai
Although Nomura says Ranbaxy shares look expensive on valuation, it notes the stock should now move in tandem with Sun Pharma, hence the steep increase in its target price.
Ranbaxy shares are trading well above the Sun offer that valued the takeover target at 457 rupees apiece.
Sun is trading 0.1 percent higher at 637.30 rupees.