Cipla moves higher after receiving EIR for Indore facility

Cipla rose 2.32% to Rs 594 at 9:43 IST on BSE after the company said it has received Establishment Inspection Report from the US drug regulator for its Indore facility indicating formal closure of inspection conducted in July/August 2015.

The announcement was made on Wednesday, 12 October 2016. The stock market was closed on that day on account of Muharram.

Meanwhile, the S&P BSE Sensex was down 228.69 points or 0.81% at 27,853.65.

On BSE, so far 96,000 shares were traded in the counter as against average daily volume of 2.06 lakh shares in the past one quarter. The stock hit a high of Rs 598.90 and a low of Rs 591 so far during the day. The stock had hit a 52-week high of Rs 704.75 on 29 October 2015. The stock had hit a 52-week low of Rs 458.25 on 25 May 2016. The stock had outperformed the market over the past one month till 10 October 2016, sliding 0.16% compared with 2.48% fall in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 11.7% as against Sensex's 3.52% rise.

The large-cap company has equity capital of Rs 160.84 crore. Face value per share is Rs 2.

On a consolidated basis, Cipla reported 43.7% fall in net profit to Rs 365.24 crore on 6.9% decline in net sales to Rs 3499.81 crore in Q1 June 2016 over Q1 June 2015.

Cipla is a global pharmaceutical company.

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