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Cipla moves higher on reports of plans to sell animal health unit

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rose 1.82% to Rs 573.60 at 11:00 on on media reports that the company is in discussions to sell Vet, its animal health division.

Meanwhile, the S&P Sensex was up 4.07 points or 0.02% at 26,320.41.

On BSE, so far 56,000 shares were traded in the counter as against average daily volume of 1.66 lakh shares in the past one quarter. The stock hit a high of Rs 577 and a low of Rs 567.80 so far during the day. The stock had hit a 52-week high of Rs 660 on 29 December 2015. The stock had hit a 52-week low of Rs 458.25 on 25 May 2016. The stock had outperformed the market over the past one month till 25 November 2016, declining 3.75% compared with the Sensex's 6.32% fall. The scrip had also outperformed the market in past one quarter, advancing 0.05% as against the Sensex's 5.46% fall.

The large-cap company has equity capital of Rs 160.85 crore. Face value per share is Rs 2.

Media reports suggested that has hired global investment bank Rothschild to find potential buyers. Several Indian buyers have submitted bids for Vet, reports added. Vet is a leading veterinary pharmaceutical exporter with a presence in over 100 countries. Cipla's move to sell its veterinary business comes in the backdrop of its overall plan to rationalize its markets and portfolio and exit non-core, low-profit businesses, reports suggested.

On a consolidated basis, Cipla's net profit dropped 34.7% to Rs 354.34 crore on 8.7% rise in net sales to Rs 3671.88 crore in Q2 September 2016 over Q2 September 2015.

is a global pharmaceutical company.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 28 2016. 10:52 IST