Stock market analysts have maintained ‘buy’ rating on Ranbaxy Laboratories stock with an intraday target of Rs 312. 

According to them, interested traders can purchase the stock above Rs 308 with a strict stop loss of Rs 300. If the stock market remains positive, the stock pricing becomes more attractive, and reach above Rs 315. 
 

Atlas Laboratories and Pharmaceuticals Ltd has made announcement that the company is foraying into the Over-The-Counter (OTC) segment as it envisages to diversify its overall product portfolio up to 100 drugs by year 2009. 

While commenting on the plans, Mr. Ashwin Kapur, Executive Director of Atlas Laboratories and Pharmaceuticals (ALP) stated, “From the beginning of the next fiscal, we would have around 80-100 products under our portfolio and out of which 10-15 would be in the category of OTC segments.”

Domestic Drug-maker Lupin, acquired 60 percent stakes in South Africa-based Pharma Dynamics. The amount of deal is not disclosed by the company. It is the third acquisition by the company. Earlier in July, Lupin took over the German drug maker Hormosan Pharma and captured most of shares of Generic Health, Australia in August. 

Ranbaxy would hire the services of Giuliani Partners to deal with the situation arising, after the banning of some of its products in the US market. It is recalled that the US Food and Drug Administration is not satisfied with the product quality of many of its drugs. It has, earlier banned 31 drugs in the US market. The Indian drug maker Ranbaxy is a major supplier of drugs to the US market. 

The US Food and Drug Administration have put its report on its website. Some of the products of Indian medicine major, Ranbaxy do not conform to the safety standards set by the inspection agency of US. It has banned 31 drugs produced by Ranbaxy. The agency had not mentioned the name of Daiichi Sankyo, the Japanese firm which is in the process to buy the Indian medicine company in its report

The Food and Drug Administration (USFDA) is not satisfied with the quality of drugs produced by Ranbaxy. The agency has issued two letters to Indian drug major, warning it about the drug quality. The agency has raised questions on the quality of more than 30 generic drugs. The company is producing these drugs at its Paonta Sahib and Dewas plants.