Reliance Money has maintained sell rating on Ranbaxy Laboratories with the target price of Rs 212 in its recent research report.

Ranbaxy Laboratories, country's largest pharmaceutical company by sales, has recorded consolidated revenues of Rs 17919 million in Q2 CY 09 on y-o-y basis, which was appreciable 15% improvement over previous quarter.

The authorities of Ranbaxy Laboratories have attributed the sequential growth in revenues to a healthy growth of 21% in the domestic formulation market.

The sources said that continued momentum in the emerging markets and recovery in the European sales were also key to the revenue growth.

After factoring the earnings and the value of drugs in the pipeline, Reliance Money values Ranbaxy stock at Rs 212. The current price is much higher than the valuation offered by Reliance Money.

Reliance Money has maintained Sell rating for the stock for medium term.

Stock of Ranbaxy Laboratories settled the day in green at Rs 273, up 0.68% on National Stock Exchange (NSE). The counter clocked a volume of 1,355,514 shares on NSE.