Ranbaxy, Sun Pharma hit 52-week highs

Mumbai: Shares of Ranbaxy Laboratories and Sun Pharma saw buying interest today, rising by up to 3.5 percent, as the US Federal Trade Commission (FTC) completed its review of the proposed USD 4 billion acquisition of Ranbaxy by Sun Pharma.

Stocks of Ranbaxy climbed 3.46 percent to Rs 728 -- its one-year peak on the BSE.

Sun Pharma rose by 2.84 percent to touch its 52-week high of Rs 942.

"The US Federal Trade Commission (FTC) has completed its review of the proposed acquisition of Ranbaxy by Sun Pharma and has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act)," Sun Pharmaceutical Industries and Ranbaxy Laboratories said in a joint statement.