HSBC ups Ranbaxy to overweight on generic Lipitor announcement

MUMBAI (Reuters) - HSBC raised its rating on shares of Ranbaxy Laboratories Ltd to 'overweight' from 'underweight' after the Indian drugmaker said it would resume production of a generic version of cholesterol fighter Lipitor for sale in the United States.

HSBC added other factors behind its upgrade were share valuations after a recent correction, as well as the near-term catalysts such as the launch of additional generic drugs and the probability of a recovery in U.S. sales.

Ranbaxy shares were up 3.3 percent as of 9:34 a.m.

(Reporting by Abhishek Vishnoi; Editing by Anand Basu)