Cipla rose 1% to Rs 614.20 at 10:00 IST on BSE after the company said it signed a sub-licensing pact with Medicines Patent Pool to manufacture generic anti-AIDS drug.
The announcement was made after market hours on Thursday, 25 September 2014.
Meanwhile, the BSE Sensex was up 72.77 points, or 0.27%, to 26,541.13.
On BSE, so far 73,000 shares were traded in the counter, compared with an average volume of 2.08 lakh shares in the past one quarter.
The stock hit a high of Rs 616.90 and a low of Rs 606.55 so far during the day. The stock hit a record high of Rs 639.05 on 16 September 2014. The stock hit a 52-week low of Rs 366.70 on 24 February 2014.
The stock had outperformed the market over the past one month till 25 September 2014, rising 20.24% compared with 0.12% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 42.70% as against Sensex's 4.56% rise.
The large-cap company has an equity capital of Rs 160.58 crore. Face value per share is Rs 2.
United Nations-backed Medicines Patent Pool (MPP) has inked pacts with five Indian pharma firms, including Cipla, to allow generic manufacture of anti-AIDS drug tenofovir alafenamide (TAF) for HIV treatment in 112 developing countries.
TAF is being developed by Gilead Sciences for use in the treatment of HIV infection. MPP's announcement comes one day after Gilead released positive results on two of its TAF Phase III studies, suggesting that the medicine has the potential to play a large role in the international community's efforts to scale-up HIV treatment, the statement from MPP and Cipla said.
MPP is a United Nations-backed organisation founded in 2010 by UNITAID to increase access to HIV treatment and spur new innovation worldwide. MPP offers a new public health approach to negotiating patent licences for the production of low-cost versions of new and existing medicines and works with manufacturers to encourage the development of needed new technologies such as fixed-dose combinations (FDCs) and formulations suitable for children. To date, MPP has signed agreements for nine antiretrovirals and for one medicine for an HIV opportunistic infection.
Cipla's consolidated net profit declined 39.3% to Rs 294.58 crore on 13.6% growth in net sales to Rs 2647.20 crore in Q1 June 2014 over Q1 June 2013.
Cipla is a global pharmaceutical company. The company's portfolio includes 2000 products in 65 therapeutic categories with one quality standard globally.
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