Nomura raises Ranbaxy to buy on Sun takeover

Tags: Companies
Ranbaxy Laboratories gains 0.2 percent to 481 rupees after Nomura upgrades the stock to "buy" from "reduce" and raises its target price to 543 rupees from 321 rupees on the back of its takeover by Sun Pharmaceutical Industries.

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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Investigating a crime after three decades is little more than a gimmick

    That communal riots and their aftermath are the easiest stick to beat any opposition with, and have tremendous emotive and therefore vote-catching abi

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schoettli

It’s time for Japan to step out of its shell

The execution of a Japanese hostage by ISIS has sho­cked ...

Zehra Naqvi

The urge to tell stories

One wants to tell a story, like Scheherzade, in order ...

Bubbles Sabharwal

Truth about truth

The question to ponder is, “is it the truth because ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture