Cipla gains on signing distribution agreement with Serum Institute

Cipla rose 2.8% to Rs 616.05 at 13:11 IST on BSE after the company's subsidiary company Cipla Europe NV signed a distribution agreement with Serum Institute of India.

The announcement was made during market hours today, 20 November 2014.

Meanwhile, the BSE Sensex was down 71.89 points, or 0.26%, to 27,960.96

On BSE, so far 1.83 lakh shares were traded in the counter, compared with an average volume of 2.21 lakh shares in the past one quarter.

The stock hit a high of Rs 618.30 and a low of Rs 595.95 so far during the day. The stock hit a record high of Rs 671.95 on 31 October 2014. The stock hit a 52-week low of Rs 366.70 on 24 February 2014.

The stock had underperformed the market over the past one month till 19 November 2014, rising 0.87% compared with the Sensex's 7.37% rise. The scrip had, however, outperformed the market in past one quarter, gaining 26.44% as against Sensex's 6.1% rise.

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

Cipla announced during market hours today, 20 November 2014 that the company's subsidiary Cipla Europe NV has signed a distribution agreement with Serum Institute of India (SII). Under the agreement, SII will develop and manufacture paediatric vaccines, Cipla will seek European Medicines Agency approval and market the products in Europe, Cipla said in a statement. This collaboration with SII enables Cipla to enter into the vaccines segment, continuing its commitment to inclusive healthcare for the world, Cipla said. The vaccines will be manufactured in Serum's world class production facilities approved by WHO, the company said.

Cipla's consolidated net profit fell 16.6% to Rs 298.68 crore on 5.9% rise in net sales to Rs 2629.81 crore in Q2 September 2014 over Q2 September 2013.

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

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