Sell Ranbaxy Laboratories
Stock market analysts have suggested investors to 'sell' Ranbaxy Laboratories Ltd stock as there are full chances of a downward trend in this stock.
According to them, investors can sell the stock below Rs 501 with a strict stop loss of Rs 505 to achieve an intraday target between Rs 498-495.
Today, the shares of the company opened at Rs 504.90 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 519.40 and a low of Rs 133.15 on BSE.
Karvy also suggested that if the stock fell below Rs 493, it may see more weakness.
So, the investors must sell Ranbaxy in today's session. After selling the stock, the interested investors can purchase the stock again at a low price, for medium term prospective to make good profits.
Ranbaxy Labs & Nippon Chemiphar on December 8 declared the termination of their JV 'Nihon Pharmaceutical Industry' in Japan.
This follows a contract between the two companies, which permit Nippon Chemiphar to acquire the complete shareholding of its erstwhile associate. Both companies had equal stakes in the joint venture.
Following the deal, NPI will become a completely owned arm of Nippon Chemiphar.
In recent years, the companies had discussed the developing generic market situation and the promising chances, in the Japanese market. It was amicably over, that it would be in the best interest of both companies to expand their generic businesses separately, for optimal value.
In Nov 2009, Ranbaxy launched a generic version of GlaxoSmithKline's Valtrex in US.
The company introduced Valtrex with a 180-day marketing exclusivity.