Ranbaxy Up 2.15% On Exports Buzz

The Ranbaxy Laboratories share closed 2.15 per cent higher at Rs 734.20 today with around 2.38 lakh shares changing hands.

The increase in the share price was based on reports that the company's exports rose 26 per cent to Rs 1,030 crore this year.

The scrip rose 6.86 per cent to Rs 718.75 on January 10 from Rs 672.55 on December 28, 2001. Trading volume increased to 2.34 lakh shares from 1.24 lakh in the same period.

On Thursday, Ranbaxy announced that the company's wholly owned subsidiaries -- Ranbaxy Pharmaceuticals Inc (RPI) and Ohm Laboratories Inc -- achieved sales of $112 million in their US operations for the year ended January-December 2001.

Ranbaxy also announced exports sales of Rs 1,030 crore against a target of Rs 1,000 crore -- a 26 per cent growth. Analysts say the rise in the Ranbaxy share price was on value buying ahead of its financial results as well as due to the churning of investments from technology stocks to old economy and defensive stocks.

Earlier this month, RPI announced that it has received tentative approval for the production of Lisinopril + Hydrochlorothiazide tablets, 10/12.5 mg, 20/12.5 mg and 20/25 mg, in the US.

This announcement was in close proximity to the approval granted to the company for Lisinopril tablets as a single entity in October 2001.

Lisinopril + Hydrochlorothiazide tablets are indicated for the treatment of hypertension (fixed dose combinations not indicated for initial therapy).

Last month, RPI received tentative US Food and Drug Administration's approval for its generic -- Midazolam syrup. This was the first approval granted to any generic company for a copy of Hoffman La Roche's Versed syrup.

Midazolam is used in children for sedation. The product goes off patent on April 15, 2002, when RPI expects to get a final approval. RPI has also received tentative approval for Loratadine 10 mg tablets.