Equity Alert: Ranbaxy up over 5%, but profit booking recommended

[K.Karthik Raja]

Equity Alert: Ranbaxy up over 5%, but profit booking recommended
MUMBAI--12PM--Shares of Ranbaxy Laboratories were up over 5% at
554 rupees
on speculation the company is likely to make an important announcement
in the
next few days, "There are a host of rumours doing the rounds, one
of them being that some
strategic investor could pick up a stake at around 600 rupees per
share. But
something is expected by tomorrow (Wednesday)," a dealer said.
Another dealer said there was talk of a possible acquisition doing
the
rounds.
we recommend booking profits at current levels as any more sharp
upside
in not likely. Earlier in the session, the stock had hit a 52-week
high of
568.60 rupees.
Immediate support for the stock is seen at 532 rupees.
June futures of the stock were at a 3-point premium to the spot,
with over
26% surge in open interest. So far today, 4.6 mln shares of Ranbaxy
have been
traded on NSE.