Buy Ranbaxy Laboratories: Jitendra Panda

Jitendra Panda of Peerless Securities recommends buying Ranbaxy Laboratories as the stock may test Rs 500.

Jitendra Panda of Peerless Securities told CNBC-TV18, "Pharma sector has also started showing some positive and long rollovers. So, we believe that Ranbaxy Laboratories  should see Rs 500 and we are keeping a stoploss at Rs 470. We are seeing some long built up happening there and we recommend to buy it."

At 13:15 hrs Ranbaxy Laboratories was quoting at Rs 475.70, up Rs 10.80, or 2.32 percent. It has touched an intraday high of Rs 483.05 and an intraday low of Rs 464.

The share touched its 52-week high Rs 505 and 52-week low Rs 253.95 on 07 April, 2014 and 02 August, 2013, respectively. Currently, it is trading 5.8 percent below its 52-week high and 87.32 percent above its 52-week low. Market capitalisation stands at Rs 20,160.44 crore.

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