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Business News/ Money / Angel Broking puts SELL on Ranbaxy
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Angel Broking puts SELL on Ranbaxy

Angel Broking puts SELL on Ranbaxy

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Ranbaxy Laboratories has received the final approval from the US FDA to make and sell the generic version of Sciele Pharma’s peptic ulcer tablet Robinul for 1 mg and 2 mg dosages.

The company said that it plans to launch the drug in 4QCY2009. The annual market sales of Robinul are worth $26 million in the US.

The stock is up 39% in the past three months to Rs312, and is currently trading at 2.3x CY2010E earnings. We recommend a SELL rating on the stock, with a target price of Rs250.

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Published: 25 Aug 2009, 10:45 AM IST
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