Ranbaxy Laboratories Ltd. We issue a BUY recommendation for Ranbaxy with a target price of Rs. 463.9 per equity share. This offers an upside from its market price of Rs. 461.50 per equity share as on 31st March 2014 (valuation date). Key Drivers: • Since the average daily returns of the company is more than the average daily returns of the market, Ranbaxy is performing better than the market. • It was worth buying at the time of valuation date, since today the share prices are double than what it was then. • The growth in the generics segment of the pharma industry in India is huge in the near future. • Though Ranbaxy has a number of competitive companies, but still it maintains its legacy and will continue to flourish in the future as well. • Ranbaxy has huge strengths in terms of assets, brand etc. and its financials are also ever growing (excluding the exceptional items). The company is doing well in handling the threats and risks coming along their way. Business Description & Market Overview: Business Description: Ranbaxy Laboratories was established in 1961. It is a research based international pharmaceutical company serving customers in over 150 countries and expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 43 countries and manufacturing operations in 8 countries. They have over 50 years of experience in providing high quality and affordable medicines. It is involved in the marketing, production and distribution of