Cipla gains as foreign brokerage maintains buy rating

Cipla rose 1.24% to Rs 560.80 at 11:59 IST on BSE on media reports that a foreign brokerage has maintained a buy call on the stock with a target price of Rs 660.

Meanwhile, the S&P BSE Sensex was up 110.30 points or 0.43% at 25,917.40.

On the BSE, 51,000 shares were traded on the counter so far as against the average daily volumes of 1.37 lakh shares in the past one quarter. The stock had hit a high of Rs 565.65 and a low of Rs 553.95 so far during the day.

The stock had hit a 52-week high of Rs 660 on 29 December 2015 and a 52-week low of Rs 458.25 on 25 May 2016. It had outperformed the market over the past one month till 26 December 2016, sliding 1.67% compared with the Sensex's 1.94% fall. The scrip had also outperformed the market in past one quarter, declining 8.32% as against the Sensex's 8.79% fall.

 

The large-cap company has equity capital of Rs 160.88 crore. Face value per share is Rs 2.

On a consolidated basis, Cipla's net profit dropped 34.7% to Rs 354.34 crore on 8.7% rise in net sales to Rs 3671.88 crore in Q2 September 2016 over Q2 September 2015.

Cipla is a global pharmaceutical company. Its portfolio includes over 1,000 products across wide range of therapeutic categories with one quality standard globally.

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