Technical analyst Somil Mehta of Sharekhan has maintained 'buy' rating on Ranbaxy Laboratories Limited stock with a short term target of Rs 505.

According to analyst, the stock can be purchased with a stop loss of Rs 440.60.

Today, the stock of the company opened at Rs 464 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 624.90 and a low of Rs 364.20 on BSE.

Current EPS & P/E ratio stood at 24.34 and 18.71 respectively.

Ranbaxy has announced that it will sell four products of Daiichi Sankyo origin, comprising the antibacterial agents Cravit pills and Cravit IV in the Singapore market.

Earlier, the said medications were marketed by Kyowa Hakko Bio Singapore in the country.

Moreover, Daiichi Sankyo and Kyowa Hakko Bio decided to relocate the merchandising rights of the medications from Kyowa Hakko Bio to Ranbaxy.

The company has posted a five-fold increase in its net income, which stood at Rs 1,497 crore for the twelve monthly period ended December 2010.

The company's worldwide sales remained up by 23% at Rs 8,550 crore for 2010 on the back of sturdy sales figures in growing market areas and key geographies.

Ranbaxy's directors have declared a dividend of Rs 2 a share.