Cadila Healthcare lost 3.65% to Rs 337 tracking powerless international market, regardless of reports it is near to getting hold of a mid-sized Spanish pharmaceutical company for $30 million.

In the meantime, the BSE Sensex was down 349.87 points to 14,751.23, chasing after fresh setback in worldwide markets. Asian stocks collapsed across the board as credit jitters erupted after France’s largest listed bank BNP Paribas on 9 August, blocked three funds, which invested in US subprime mortgages.

There were 5276 shares of the scrip for trading on the BSE counter, and the average daily volume of the stock stood at 24,996 shares in the last one quarter.

Rahul Mohindar of Viratechindia proposed that the investors should hold Ranbaxy Laboratories as it may have a good 7-8% upside.

Sharekhan Research maintained purchase rating on Sun Pharmaceutical Industries with target price of Rs 1287. At current market price Rs 965, stock valued at 21.6x FY2008E and 18.1xFY2009E fully diluted earnings.

Result highlights:

Ranbaxy Laboratories leads the gainers path on the Sensex. In morning trades, the share is quoting at Rs 364.40, which is up Rs 23.35, or 6.85%.

It touched an intraday high of Rs 365.50 and an intraday low of Rs 340 during the day.

Today, the scrip is trading with volumes of 523,094 shares. Yesterday the share ended the day on a dreary note after losing 1.02% or Rs 3.50 at Rs 341.05.

Emkay Research is expecting IPCA Lab and maintained buy rating on stock with a target of Rs 820.

IPCA Laboratories net profit increased to Rs 347.2 million in Q1FY08, by 42%, compared with Rs243.4mn in Q1FY07. Revenues grow by 11% to Rs.2466.1 million. Sequential Q-o-Q basis revenues and PAT increase by 12% and 26%.

Cipla dipped 4.4% to Rs 192 after declaring a 30% fall in net earnings for the first quarter ended June 30, 2007.

The stock hit an intraday low of Rs 191.70 and an intraday high of Rs 199.85 during the day.

The scrip turned down on high volume of 21.1 lakh shares on the BSE counter.

The company recorded a 30% fall in its net profit to Rs 120 crore in Q1 June 2007 as against in the corresponding period (Q1 June 2006) of the last year.