USFDA nod shot in the arm for Ranbaxy Labs

Dalal Street Spikes

 The scrip opened at Rs 1064.80, and ruled in a range between Rs 1087.90 and Rs 1058.40. The volumes at the counter were of the order of 2.29 lakh shares on the BSE and 8.45 lakh shares on the NSE.

 Marketmen said the counter has been receiving a lot of attention from foreign institutional investors. In the last two weeks, the scrip has appreciated by nearly 11 per cent.

 On last Thursday the scrip touched a lifetime high of Rs 1084.20. Incidentally the foreign funds hold around 24 per cent stake in the company.

 The USDA approval will allow Ranbaxy to manufacture and market amoxicillin and clavulanate potassium.

 The drug is another dosage form of Augmentin and, according to the company, sales from this drug will be around $40 million this year.