Cipla settles in negative zone erasing early gains

Shares of Cipla today ended the day in the negative territory even as the company said it expects 20 per cent growth in revenues in the current fiscal.
During the day, however, the stock had jumped 2.81 per cent to touch an intra-day high of Rs 679.75 on BSE.
Similar movements were seen on the National Sock Exchange where the stock, opened at Rs 675, then surged 2.83 per cent to an early high of Rs 679.70. It finally settled at Rs 659.20, down 0.26 per cent on NSE.
In an otherwise volatile market, the 30-share benchmark index today settled with gains of 161.19 points to close at 26,392.38, while Nifty advanced 53 points to end at 8,001.95.

"Our first quarter ended June 2015 results have shown an exceptional growth both in turnover and overall profitability. We are optimistic that in the current year, our revenues will grow by 20 per cent and our profitability will be commensurate with this," Cipla's chairman Y K Hamied told shareholders at its 79th annual general meeting yesterday.
The company is in a significant investment phase for the future and will continue to invest in our pipeline and capabilities, Saxena said, adding that its pipeline of projects is secure and more than 80 per cent of our critical launches are on track.