Bright prospects shot in arm for Ranbaxy Labs

DALAL STREET SPIKES

Sustained buying led Ranbaxy Laboratories to an all-time high of Rs 1133 before closing at Rs 1124.30, up by 1.67 per cent. More than 2.57 lakh shares were traded on the BSE. The counter has risen up on the bourses in the last few months, albeit with volatility. Market players attribute the buying interest on good prospects on the back of the company's generics focus.

The company's latest acquisition in France is expected to boost generic exports to Europe, according to sources. The company had recently announced that it had signed an agreement to buy France-based RPG Aventis SA.

Ranbaxy reported a 14 per cent rise in consolidated profit before tax to Rs 226.60 crore for the second quarter ended 30 September 2003.