Cipla rose 1.55% to Rs 649.75 at 15:25 IST on BSE after Meditab Holdings entered into a definitive agreement to sell its entire 48.22% equity interest in Jiangsu.
The company made the announcement during market hours today, 10 December 2014.
Meanwhile, the BSE Sensex was up 38.32 points, or 0.14%, to 27,835.33.
On BSE, so far 82,002 shares were traded in the counter, compared with an average volume of 2.27 lakh shares in the past one quarter.
The stock hit a high of Rs 651.90 and a low of Rs 637.40 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.
Shares of pharma firm had underperformed the market over the past one month till 8 December 2014, rising 0.02% compared with 0.9% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 15.5% as against Sensex's 2.93% rise.
Cipla said that Meditab Holdings, Mauritius, a wholly owned subsidiary of the company, has entered into a definitive agreement to sell its entire 48.22% equity interest in Jiangsu Cdymax Pharmaceuticals Co. Ltd., China (Jiangsu) to an affiliate of one of the other shareholders of Jiangsu, for a total consideration of $18.5 million. The closing of the transaction is subject to receipt of applicable regulatory approvals in China.
Cipla's consolidated net fell 16.6% to Rs 298.68 crore on 7.1% rise in total income to Rs 2790.59 crore in Q2 September 2014 over Q2 September 2013.
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