Ranbaxy spurts on JB Chem deal, slips later

DALAL STREET SPIKES

Ranbaxy Laboratories witnessed profit booking at higher levels after a sharp upward rally in the past few days. The stock in Tuesday's trading was down 1.3 per cent to close at Rs 1,064.35, after hitting the day's high of Rs 1,096.50.

The stock in intra-day trades gained on the back of announcement that it has entered into an in-licensing agreement with JB Chemicals & Pharmaceuticals.

As per the arrangement, the company will market the JB Chemical's key herbal brand, Doktor Mom, in the Romanian market. The Doktor Mom herbal range includes syrup, lozenges and rub variants for the cough and cold segment.

While the company will market these products in Romania, JB Chem will continue to manufacture them and will also provide promotional input for the brand. More than 1.06 lakh Ranbaxy shares changed hands on BSE on Tuesday.