Buy Ranbaxy With Stop Loss Of Rs 454

Buy Ranbaxy With Stop Loss Of Rs 454Technical analyst Rajesh Satpute has maintained 'buy' rating on Ranbaxy Laboratories Limitedstock with targets of Rs 476 and 504.

Mr. Kulkarni said that the stock can be bought with a stop loss of Rs 454.

The analyst also said that the said target can be attained within a period of 3-4 trading sessions.

The stock of the company, on April 07, closed at Rs 463 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 17.68 and 26.43 respectively.

The US drug watchdog has contradicted Americancompany Mylan Inc's application to strip Ranbaxy Laboratories of its 6 month exclusive rights to market a low-cost edition of world's best-selling medicine Lipitor in the US market.

The USFDA has in principle granted Ranbaxy to market a generic edition of Lipito from 2011 end, after original drug manufacturer Pfizer's patent finishes during November.

The six months headway can make around $500-600 million in revenues for India's biggest drug manufacturer.

In March 2011, Mylan moved a local US court saying that FDA's sanction to Ranbaxy should be annulled as the Indian company is not entitled for the sales exclusivity since it forwarded fake and untrustworthy information from its Poanta Sahib facility, from where it has lodged the request for its low-priced edition of Lipitor.

In its response to the US court, the FDA said that it is for the watchdog to settle on if Ranbaxy's request should be accepted or not.

"US FDA has asked the court to dismiss Mylan's plea," a person acquainted with the matter stated.

Ranbaxy, now possessed by Japan's Daiichi Sankyo, is yet to get concluding nod from the FDA for Lipitor even as it continues to work on a comprehensive arrangement with the watchdog.