FII buying perks up Ranbaxy Laboratories

DALAL STREET SPIKES

Domestic pharmaceutical major Ranbaxy Laboratories posted fresh gains on Monday on the back of buying by foreign institutional investors (FII).

According to sources, a leading FII was a buyer at the counter on Monday. The stock has been in the limelight following the optimistic outlook by the management about the future of the company.

At an analysts' meet held on Thursday, Ranbaxy's management said the company is on track to achieve global sales of $2 billion by 2007 with a 20 per cent CAGR between 2003 and 2007.

Its global sales stood at $972 million in 2003 (year ended December 31, 2003). The management said it has set a goal of achieving global sales of $5 billion by 2012.

The stock, after hitting an intra-day high of Rs 1,974.95, closed at Rs 1,069.85, up 4.36 per cent from its previous close.

The counter witnessed a volume of over 3.27 lakh shares on the BSE. On the NSE the counter stock witnessed a volume of over 8.7 lakh shares.