The stock had lost as much as 0.78% at the day's low of Rs 456.50 in early trade.
The announcement was made during trading hours today, 12 March 2010.
Meanwhile, the BSE Sensex was up 51.70 points, or 0.30%, to 17219.66.
On BSE, 3.16 lakh shares were traded in the counter as against an average daily volume of 3.96 lakh shares in the past one quarter.
The stock hit a high of Rs 464.95 and a low of Rs 456.50 so far during the day. The stock had hit a 52-week high of Rs 538 on 21 December 2009 and a 52-week low of Rs 133.15 on 12 March 2009.
The stock had outperformed the market over the past one month till 11 March 2010, gaining 10.61% compared with the Sensex's 6.29% rise. It underperformed the market in past one quarter, falling 7.42% as against 0.29% decline in the Sensex.
India's largest drug maker by sales has an equity capital of Rs 210.26 crore. Face value per share is Rs 5.
The current price of Rs 463.35 discounts the company's Q4 December 2009 annualised EPS of Rs 46.45, by a PE multiple of 10.
Ranbaxy, majority owned by Japan's Daiichi Sankyo, did not give details about how it plans to achieve the targets. Ranbaxy had consolidated revenue of Rs 7329.40 crore in the year ended December 2009.
Last week, Ranbaxy said it would not be able to launch a generic version of a urinary drug in the United States as per schedule in the absence of a final approval from the drug regulator there. Ranbaxy Laboratories was expected to launch the cheaper generic version of Astellas Pharma's Flomax in the United States this month, and according to reports, the drug was expected to significantly boost the company's earnings in the near term.
Ranbaxy Laboratories reported a net profit of Rs 488.23 crore in Q4 December 2009 compared with a net loss of Rs 819.02 crore in Q4 December 2008. Sales rose 59% to Rs 1522.88 crore in Q4 December 2009 over Q4 December 2008.
Ranbaxy is majority owned by Japan's Daiichi Sankyo. It manufactures and markets, generic pharmaceuticals, value added generic pharmaceuticals, branded generics, active pharmaceuticals and intermediates.