August sales numbers crank up Cipla

DALAL STREET SPIKES

Domestic pharma major Cipla was in limelight surging 6.58 per cent in Wednesday's trading. The stock after hitting an intra-day high of Rs 251 finally closed at Rs 249.40 with volumes accounting for more than 4.45 lakh shares on the BSE.

According to market sources, there is renewed buying at this counter after the company announced in its annual general meeting on Tuesday that it sales has increased over 20 per cent in five months ended August 31.

For the financial year 2004, Cipla reported a net profit of Rs 306.69 crore, on sales of Rs 1,974.63 crore. The counter has witnessed alternate bouts of trading in the past few days.

It moved in the Rs 231 to Rs 247 range since August 16. The volatility in the scrip materialised after a surge from Rs 195.50 on June 23.

The scrip has a face value of Rs 2.