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E-mail ID will not be published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

  • Sex education in schools can help bring do​wn juvenile crime

    Whatever the health minister’s views on banning “vulgar” sex education in schools, given the backdrop of the Bangalore child rape, and the count

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 Schöttli

Why cleanliness is a vital human right

I have spent the past few months in India witnessing ...

Parvez Imam

Tourism agenda with a colonial undertone

Tourism is supposed to bring in foreign exchange and provide ...

Dharmendra Khandal

Let the tiger breathe in its natural home

The world has been observing July 29 as International Tiger ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture