Cipla gains after denying rumours of promoters' stake-sale

Cipla rose 3.55% to Rs 427.50 at 14:34 IST on BSE after the company denied rumours that promoters are in talks with a multinational firm for selling their stake.

The announcement was made during market hours today, 18 June 2014.

Meanwhile, the S&P BSE Sensex was down 157.69 points or 0.62% at 25,363.50.

On BSE, so far 13.24 lakh shares were traded in the counter as against average daily volume of 2.08 lakh shares in the past one quarter.

The stock was volatile. The stock surged as much as 7.35% at the day's high of Rs 443.20 so far during the day. The stock rose 1.38% at the day's low of Rs 418.55 so far during the day. The stock had hit a record high of Rs 450 on 16 September 2013. The stock had hit a 52-week low of Rs 366.70 on 24 February 2014.

The stock had outperformed the market over the past one month till 17 June 2014, surging 6.35% compared with the Sensex's 5.8% rise. The scrip had, however, underperformed the market in past one quarter, jumping 7% as against Sensex's 17.02% rise.

The large-cap company has equity capital of Rs 160.58 crore. Face value per share is Rs 2.

Cipla also said that the company has time and again denied such rumours of stake sale by promoters in the past and continue to do so. Promoters own 36.8% stake in Cipla (as per the shareholding pattern as on 31 March 2014).

On a consolidated basis, Cipla's net profit declined 5.7% to Rs 260.69 crore on 26.7% growth in sales to Rs 2429.28 crore in Q4 March 2014 over Q4 March 2013.

Cipla is a global pharmaceutical company. The company's portfolio includes 2000 products in 65 therapeutic categories with one quality standard globally.

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