As per views of Karvy Stock Broking Limited, the investors can purchase Ranbaxy stock between Rs 450-455 in order to achieve a target of Rs 478 in 5-6 days.

The stop loss for the suggested counter is Rs 441.40. The stock pricing becomes more attractive, and reach above Rs 480, if the stock markets remain positive.

On Thursday (10 Apr), the company’s shares closed at Rs 450.65, down 4.2%, on BSE. The total volume of the shares traded was 387,540. Current EPS and P/E ratio stood at 16.70 and 26.99 respectively. The stock has also seen 52-week high of Rs 492.9 and low of Rs 299.9 on BSE.

The outlook for the stock is really very strong, and it is expected to move up on the back of huge volumes.

On 10 Apr, Ranbaxy Laboratories declared that the company is not in favor of making any hostile takeover of Indian pharmaceutical company.

The announcement came after Solrex Pharmaceuticals, a group company of Ranbaxy promoters, bought 12% stake in Orchid Chemicals.

Ranbaxy said that it has not gone in for any hostile takeovers thus far and its investments in domestic pharmaceutical companies including Krebs Biochemicals and Industries, Jupiter Biosciences and Zenotech Laboratories were only strategic investments.

Besides, Ranbaxy Laboratories has received authorization from Ministry of Health and Labour Welfare of Japan for marketing the generic version of amlodipine tablets of 2.5mg and 5mg, used in the treatment of high blood pressure.

The stocks of other companies from the same sector, which are looking good for short and medium-term trading, include Cipla, Sun Pharma and Glenmark.