Cipla declines on negative outlook from a foreign brokerage

Cipla fell 1.57% to Rs 604.40 at 10:24 IST on BSE on reports a foreign brokerage said that launch of asthma drug by Mylan in the UK is negative for Cipla because Cipla was earlier expected to be the first company to launch this drug.

Meanwhile, the S&P BSE Sensex was down 1.90 points or 0.01% at 26,521.19.

On BSE, so far 26,000 shares were traded in the counter as against average daily volume of 1.93 lakh shares in the past two weeks.

The stock hit a high of Rs 610.80 and a low of Rs 602.55 so far during the day. The stock had hit a 52-week low of Rs 385 on 5 June 2014. The stock had hit a record high of Rs 752.45 on 10 March 2015.

Mylan had recently announced the launch of the first generic version of GlaxoSmithKline's Seretide Evohaler (salmeterol xinafoate/fluticasone propionate) under the brand name Sirdupla (pMDI), 125/25 mcg and 250/25 mcg with 120 doses strengths, in the UK. Sirdupla is indicated in the treatment of asthma in adults aged 18 years and over. The brokerage sees this as negative for Cipla, as earlier it had estimated Cipla was the first player to launch generic Seretide pMDI in the UK.

Cipla's consolidated net profit fell 0.4% to Rs 259.66 crore on 22% growth in net sales to Rs 2980.69 crore in Q4 March 2015 over Q4 March 2014.

Cipla is a global pharmaceutical company which uses cutting edge technology and innovation to meet the everyday needs of all patients.

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