Cipla rose 0.54% to Rs 633.05 at 9:20 IST on BSE after the company's wholly owned subsidiary entered into a joint venture agreement with its existing business partners in Morocco.
The announcement was made after market hours yesterday, 9 February 2015.
Meanwhile, the S&P BSE Sensex was up 47.99 points or 0.17% at 28,275.38
On BSE, so far 14,147 shares were traded in the counter as against average daily volume of 1.69 lakh shares in the past one quarter.
The stock hit a high of Rs 633.30 and a low of Rs 628.15 so far during the day. The stock had hit a record high of Rs 711.45 on 29 January 2015. The stock had hit a 52-week low of Rs 366.70 on 24 February 2014.
The large-cap company has equity capital of Rs 160.59 crore. Face value per share is Rs 2.
Cipla after market hours yesterday, 9 February 2015 said that its wholly owned subsidiary, Cipla (EU), UK, has entered into a joint venture (JV) agreement with Cipla's existing business partners in Morocco - Societe Marocaine De Cooperation Pharmaceutique (Cooper Pharma) and the Pharmaceutical Institute (PHI). Cipla has established a strong presence in Morocco for over a decade via its business partners. This JV will enable Cipla to establish a front-end presence in Morocco's pharmaceutical market, becoming the launch vehicle for Cipla's portfolio while leveraging the commercial strengths of partners. The initial focus of the JV shall be respiratory and neurology products and it shall also invest in setting up a manufacturing facility in Morocco. As per the agreement, Cipla (EU) will hold 60% stake in the JV, while Cooper Pharma and PHI shall together hold 40% stake. Cipla (EU)'s expected investment in cash in the JV is estimated at up to $15 million, Cipla said in a statement. The transaction remains subject to conditions precedent and applicable regulatory approvals, Cipla added.
Commenting on the development, Subhanu Saxena, MD & Global CEO, Cipla said this JV is aimed to strengthen Cipla's presence in Morocco, which is in-line with the company's global growth strategy to build front-end presence in key markets.
Cipla unveils its Q3 December 2014 results on 12 February 2015. Cipla's consolidated net profit fell 16.6% to Rs 298.68 crore on 5.9% growth in net sales to Rs 2629.81 crore in Q2 September 2014 over Q2 September 2013.
Cipla is a global pharmaceutical company. Its portfolio includes over 1,500 products across wide range of therapeutic categories with one quality standard globally.
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