Sharekhan Research maintained purchase rating on Sun Pharmaceutical Industries with target price of Rs 1287. At current market price Rs 965, stock valued at 21.6x FY2008E and 18.1xFY2009E fully diluted earnings.

Result highlights:

Ranbaxy Laboratories leads the gainers path on the Sensex. In morning trades, the share is quoting at Rs 364.40, which is up Rs 23.35, or 6.85%.

It touched an intraday high of Rs 365.50 and an intraday low of Rs 340 during the day.

Today, the scrip is trading with volumes of 523,094 shares. Yesterday the share ended the day on a dreary note after losing 1.02% or Rs 3.50 at Rs 341.05.

Emkay Research is expecting IPCA Lab and maintained buy rating on stock with a target of Rs 820.

IPCA Laboratories net profit increased to Rs 347.2 million in Q1FY08, by 42%, compared with Rs243.4mn in Q1FY07. Revenues grow by 11% to Rs.2466.1 million. Sequential Q-o-Q basis revenues and PAT increase by 12% and 26%.

Cipla dipped 4.4% to Rs 192 after declaring a 30% fall in net earnings for the first quarter ended June 30, 2007.

The stock hit an intraday low of Rs 191.70 and an intraday high of Rs 199.85 during the day.

The scrip turned down on high volume of 21.1 lakh shares on the BSE counter.

The company recorded a 30% fall in its net profit to Rs 120 crore in Q1 June 2007 as against in the corresponding period (Q1 June 2006) of the last year.

Mumbai: Drug manufacturer Cipla posted a 29.73 percent enhancement in its net earnings at Rs 119.76 crore for the quarter ended June 30 as against Rs 170.43 crore for the same period of the last year.

The company’s total income (net of excise) augmented 4.34 per cent to Rs 920.37 crore for the June quarter against Rs 882.05 crore for the quarter ended June 30, 2006.

At the board meeting, the company’s directors also recommended a dividend of Rs 2 per equity share for the year 2006-2007 amounting to Rs 155.46 crore.

Shares of Cipla last traded at Rs 200.90, down 2.21 per cent on the BSE.

New Delhi: Actuated by maturation in key emerging markets, India’s leading pharmaceutical company Ranbaxy Laboratories’ net profit for the quarter ended June 30 climbed up 118 percent to Rs 266.2 crore from Rs 122.11 crore in the corresponding period of the last year.

The company’s business in the rising market segments developed 44 per cent in the quarter, adding as much as 54 percent to its worldwide sales.