Stock market analyst VK Sharma has maintained ‘Buy’ rating on Ranbaxy Laboratories to achieve short term target of Rs 310.

According to Mr. Sharma, interested traders can buy the stock around Rs 293 with a strict stop loss of Rs 285.

Shares of the company, on Wednesday (June 10), closed at Rs 298.55 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 613.70 and a low of Rs 133.15 on BSE.

Mr. Sharma also said that if the stock market remains on positive track, the next intraday target will be above Rs 312.

Ranbaxy Laboratories lost the deadline of May 2009 to start supplying raw materials to British drug manufacturer Astrazeneca.

The supplies to Astrazeneca that could have potentially added earnings of $40 million in 2009 (May-December 2009) has been delayed by 2-3 months.

Ranbaxy Laboratories Ltd, during May 2009, acquired trademarks, product dossiers and marketing rights from Ochoa Laboratories Ltd for its complete variety of dermatological as well as lifestyle products.

The pharmaceutical giant already has a presence in the dermatology market comprising steroids with products such as Zole-F, Suncros, Efflora, Fucidin and Teczine.

Ranbaxy Laboratories anticipates starting operations in two new facilities in 2009 in India and South Africa.

The country’s biggest drug company by sales, is also strengthening its US-based facility to lessen the US drug regulator’s restriction on drugs made at two other subsisting Indian plants.

“For worldwide manufacturing, we have moved on well on SEZ at Mohali in Punjab as well as our facility in South Africa. Both would be operational in 2009,” Ranbaxy’s 2008 annual report said.

In 2008, Ranbaxy said that it has applied to the US drug regulator to supply medicines to the US, the world’s largest drug market, from the forthcoming facility.