Some of the savviest investors on Dalal Street are said to have been steadily accumulating Ranbaxy shares over the last few weeks. The heavy purchases last week indicate that many of the buyers would have precise information on the timing of the deal.
The 22 percent surge in Ranbaxy shares in six trading sessions before the announcement of the deal with Sun Pharma shows that a section of market players knew of it, and would have benefited from the information.
Ranbaxy shares fell to a low of Rs 306 on January 27, after the USFDA banned exports from the company's Toansa unit to the US, for violation of manufacturing rules. Between January 27 and March 27, the stock traded in a range between Rs 306-345, mostly with an upper bias.
The stock then took off last week, with average daily trading volumes on both exchanges for the previous three trading sessions climbing to 1.2 crore shares, almost five times the usual average.
Market has been abuzz with talk of Daiichi selling its stake in Ranbaxy, and there were whispers that Sun Pharma could be one of the potential buyers.
Some of the savviest investors on Dalal Street are said to have been steadily accumulating Ranbaxy shares over the last few weeks. The heavy purchases last week indicate that many of the buyers would have precise information on the timing of the deal.
Market operators punting on Ranbaxy have lost a packet in the last 9 months, due to a series of strictures from the USFDA. The regulatory action has resulted in the company having to suspend exports from its 4 plants at Toansa, Mohali, Dewas and Paonta Saheb, leading to steep erosion in earnings.
Ranbaxy Labs stock price
On April 01, 2014, Ranbaxy Laboratories closed at Rs 370.70, up Rs 5.65, or 1.55 percent. The 52-week high of the share was Rs 490.15 and the 52-week low was Rs 253.95.
The latest book value of the company is Rs 45.34 per share. At current value, the price-to-book value of the company was 8.18.
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