Ranbaxy rallies on heavy volumes

The stock bounced back nearly 15% from intra-day's low on buzz that the pharma firm is likely to get approval for Diovan soon.

Ranbaxy Laboratories has moved higher by 12% to Rs 423, bouncing back nearly 15% from intra-day’s low on buzz that the pharmaceutical firm is likely to get approval for Diovan soon. The drug enjoys sales of over $2 billion in the US market.

The management indicated no change in guidance and is awaiting approval of Diovan & Valcyte in CY13 itself, says analyst at Edelweiss Securities in a report.

The stock opened at Rs 378 and hit a low of Rs 368 in early morning deals on BSE. A combined 9.89 million shares changed hands on the counter till 1439 hours against an average sub 8 million shares that were traded daily in past two weeks on BSE and NSE.