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Ranbaxy Laboratories shares up 10 pct

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Agencies

Posted: Mar 23, 2009 at 1659 hrs IST

Mumbai Ranbaxy Laboratories on Monday surged over 10 per cent on the Bombay Stock Exchange, the biggest single-day gain so far this year, after health regulators in the UK and Australia approved its manufacturing facility at Paonta Sahib in Himachal Pradesh.

At the end of trade, shares of Ranbaxy settled at Rs 160.20, up 10.22 per cent on the BSE.

During the day, the scrip had surged to an intra-day high of Rs 161.40, up 11.04 per cent over previous close.

Ranbaxy, which had touched its 52-week low levels on March 12, has gained over 19 per cent since then driven by massive surge of today's 10 per cent, the biggest single day so far this year.

The drug firm today said, UK's Medicines and Healthcare products Regulatory Agency (MHRA) and Australia's Therapeutic Goods Administration (TGA) have issued Good Manufacturing Practice (GMP) certificates for the company's manufacturing site at Paonta Sahib, following a joint audit conducted in October last year.

On the National Stock Exchange, the scrip closed at Rs 161.15, up 10.83 per cent over last closing. During the day the scrip soared 12.38 per cent to touch a high of Rs 163.40.

Ranbaxy, in which Japanese firm Daiichi Sankyo holds a controlling stake, has seen erosion in its valuation by nearly 37 per cent so far this year.

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