On Friday, Ranbaxy Laboratories Ltd. informed that it is eyeing to reach the $3 billion target in consolidated turnover by 2012. The details were not given to the BSE.

The company said that setting the target is a part of its medium-term business plan. The majority stake in the drug maker is owned by Japan's Daiichi Sankyo.

Daiichi too, is trying to increase the targets for its company. In a statement made on Friday, it said that it is planning to double its annual operating profits.

The company is also trying to make strategies so that revenue increase is at least by five times of its present value.

It has significantly expanded its sales mainly to the overseas market.

Meanwhile, Ranbaxy, which has had a bad time last year because of the number of import bans over it, will get over with them by 2012.

And since it accounts for 23 per cent of the total sales of Daiichi, increase in Ranbaxy will be directly reflected in the figures of the parent company.

Post the news, the share prices of both the companies went up.