Funds bring Cipla back into limelight

DALAL STREET SPIKES

Domestic pharma major Cipla was in limelight gaining 0.64 per cent in a rather subdued market on back of strong buying support from institution investors.

According to sources, selected mutual funds are buying into the Cipla counter in favour of other pharma major's like Dr Reddy's and Ranbaxy. Lack of any new drug to drive revenues in the US for DRL and Ranbaxy is cited as the reason for the shift by funds, sources said.

Cipla finally closed at Rs 1,249.70 with volumes accounting for 24725 shares at the BSE. For Q3 ended December 31, 2003, the company recorded a 13.33 per cent rise in net profit to Rs 75.32 crore.