Technical analyst D Prasad has maintained 'buy' rating on Ranbaxy Laboratories Limited stock with a target of Rs 600.

According to analyst, the investors can buy the stock above Rs 581 with a stop loss of Rs 569.

Mr. Prasad said that the stock can achieve the target within a period of 2-3 trading sessions.

The stock of the company, on December 01, closed at Rs 576.50 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 634.90 and a low of Rs 364.20 on BSE.

Current EPS & P/E ratio stood at 24.34 and 24.10 respectively.

Drug maker Ranbaxy announced that it has bagged final nod from the USFDA to make and sell generic Donepezil Hydrochloride tabs in the US with 180 days market exclusivity.

Donepezil Hydrochloride tabs are used for the treatment of Alzheimer's disease.

The US Food and Drug Administration (US FDA) has given nod to Ranbaxy to sell the tablets in the potencies of 5 mg and 10 mg.

Ranbaxy Laboratories managing director Arun Sawhney stated, "Since the incidence of dementia has increased, while the costs associated with treating dementia continue to rise, the launch of a generic formulation of donepezil tablets will provide patients with a cost effective alternative."

"The end result will be a significant reduction in healthcare costs for those individuals suffering from Alzheimer's disease," he added.

The consolidated net profit of the company surged to Rs 312.80 crore in July-September quarter as compared to Rs 116.60 crore during the corresponding period of last year.

Ranbaxy also gained from favorable forex movement during the third quarter.