Cadila Healthcare extends rally; hits 52-week high

The scrip extended its Friday's rally that was sparked off by the company's strong Q3 results announced on February 7

Cadila Healthcare scrip surged 2.36% to Rs 924.50 in morning deals, extending the rally that started Friday sparked off by the pharma major's strong third quarter earnings results.

A combined 2,83,236 shares exchanged hands on both the BSE and NSE in morning trade as against its average daily volume of 5,65,238 shares in the past 5 days.

The stock hit its 52-week high level of Rs 935.05 in day's morning deals and hit a low of Rs 906 today.

Ahmedabad-based drug major Cadila Healthcare Limited posted a four times rise in its net profit for the third quarter ended December 31, 2013, at Rs 195 crore, compared to Rs 48.6 crore in the corresponding quarter last fiscal mainly on the back of growth in exports.

The total income for the quarter stood at Rs 1087.4 crore, up 24 per cent from last year's Rs 872.28 crore.

On a consolidated basis, the company's net profit grew by 81.5 per cent to Rs 186 crore, on the back of a 17 per cent rise in total income which stood at Rs 1872 crore from Rs 1604 crore in the corresponding quarter last fiscal.

During the quarter, the company’s business in the US registered a growth of 61 per cent and emerging markets business grew by 30 per cent.

The company filed 31 additional ANDAs with the USFDA during the quarter under review taking the cumulative ANDA filings for the period April-December 2013, to 49. Cadila Healthcare also received the USFDA approval for initiating Phase I clinical trials of ZYDPLA1, its diabetes drug. Sarabjit K Nangra, vice-president, research, Angel Broking said that the results came above expectations on the net profit.