Continuing its initial rally, shares of drug major Ranbaxy laboratories on Thursday surged nearly 29 per cent, adding Rs 3,279 crore to its market value, after the company reported a narrowed consolidated net loss of Rs 524.24 crore for the second quarter ended June 30, 2013.
After surging 33.98 per cent to Rs 377.70 in intra-day trade, shares of the drug firm settled 27.49 per cent higher at Rs 359.4 on the BSE. On the NSE, the stock gained 28.60 per cent to close at Rs 362. led by the rally in the stock, the market capitalisation of the company shot up by Rs 3,279 crore to Rs 15,206 crore.
“Results were better-than-expected that is why the stock bounced back,” said CNI Research CMD, Kishor Ostwal. The stock had underperformed the market over the past one month, sliding 17.72 per cent compared with the Sensex’s 3.41 per cent fall.