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Day after loss report: Ranbaxy scrip up 29%, m-cap Rs 3,279 cr

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 30 June, 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 Bombay Stock Exchange (BSE).

On the National Stock Exchange (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.

'The results were better-than-expected.... That is why the stock bounced back,' claimed CNI Research chairman and managing director Kishor Ostwal.Ranbaxy Laboratories on Wednesday reported a consolidated net loss of Rs 524.24 crore for the second quarter, mainly due to the impact of rupee depreciation on foreign currency loans and goodwill impairment in its operations in France.
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