Ranbaxy perks up on announcement buzz

DALAL STREET SPIKES

Ranbaxy Laboratories gained for the second consecutive day due to the fund-based buying. Dealing room sources said that the counter is witnessing aggressive buying in anticipation of some positive announcement by the company in a fortnight.

The stock has bounced back smartly in the past few trading sessions. From its recent low of Rs 1,035.20 on November 19, the stock has appreciated 17.87 per cent to Tuesday's close of Rs 1,220.10.

The company on Monday announced it has received tentative approval from the US Food and Drug Administration to manufacture and market Gabapentin tables, 600 and 800 mg strengths.

Analysts tracking the sector said that emerging opportunities in the overseas generic market is driving up the Indian pharma sector stocks.

The front-line Indian pharma firms are expected be benefit largely, though the competition has been intensifying in the US generics markets since the last few months.