Buy Ranbaxy Labs For Target Rs 290: Ashwani Gujral

Buy Ranbaxy Labs For Target Rs 290: Ashwani GujralStock market analyst Ashwani Gujral has maintained ‘Buy’ rating on Ranbaxy Laboratories to achieve a target of Rs 290 in the coming days.

According to Mr. Gujral, interested traders can buy the stock with a strict stop loss of Rs 245.

Shares of the company, on Monday (July 6), closed at Rs 260.70, up Rs 10.15, on the Bombay Stock Exchange (BSE). The total volume of the shares traded stood at 856,650.

The scrip hit an intraday high of Rs 267 and an intraday low of Rs 245.10. The share price has seen a 52-week high of Rs 556.50 and a low of Rs 133.15 on BSE.

Mr. Gujral said that investors must buy the stock to reap good returns.

Ranbaxy Laboratories Ltd has announced that a meeting of the Board of Directors of the Company will be held on July 24, 2009, inter alia, to consider Unaudited Financial Results (Provisional) for the second quarter (Q2) and half year ended June 30, 2009.

Ranbaxy Laboratories, on July 01, got final nod from the US Food & Drug Administration (USFDA) to make and sell Oxcarbazepine drug in strengths 300 mg and 5 ml.

Oxcarbazepine is an anticonvulsant and mood stabilizing drug, used primarily in the treatment of epilepsy and bipolar disorder. It is also used to treat anxiety disorders.

Ranbaxy Laboratories Ltd, on June 28, nominated a third party consultant to assess and appraise issues raised by the USFDA. The consultant will play an vital role in taking an independent view of FDA’s concerns with Ranbaxy and submitting a report to FDA.

This comes after the regulator invoked its application integrity policy (AIP) on the company’s Paonta Sahib facility in February.