Shares of Ranbaxy Laboratories are likely to come under pressure next week as the drug-maker has started recalling 29,790 packs of an allergy-relief medicine in the US in February, after finding defects in the packaging, the US FDA said. The products were manufactured from Ohm Labs plant in New Jersey. All other Ranbaxy plants, based in India, have been banned from exporting generics to the US on quality glitches. Last month, Sun Pharmaceutical agreed to buy Ranbaxy in a $3.2 billion deal.
Uptrend remains intact for United Bank
United Bank of India’s shares surged 3.7 per cent on Friday ahead of its fourth quarter results, which are due on Monday. The outlook remains bullish as the stock has bounced from a trend line support last week. The uptrend since February remains intact. Immediate support is at ₹30.5. Next significant resistance is at ₹36. A strong breach of this level can take the stock higher to ₹40 and ₹45 over the medium-term. The outlook would turn bearish if the stock declines below ₹30.5.
Dull show to weaken 3i Infotech
The stock of 3i Infotech is likely to witness selling pressure on Monday, as the company posted a wider loss of ₹102.42 crore against ₹74.32 crore loss reported in the year-ago period. Sales also declined to ₹334.7 crore (₹337.75 crore). Sequentially also, the company reported a weak performance on both top line and bottom line. The software products and services company was hurt by several acquisitions, some of which were funded through external borrowings.