Cipla Gains On Joint Venture To Manufacture Pharma Products In Iran

Shares of Cipla jumped as much as 1.5 per cent to hit intraday high of Rs 576 after the pharma company announced that it has entered into joint venture with Iran's Ahran Tejarat Company to manufacture pharma products in Iran.

Cipla in a stock exchange filing said that the joint venture was done via it's subsidiary in Netherlands and Cipla Netherland will hold 75 per cent stake in the JV.

Cipla's investment is estimated at 16.875 million euros and the company will manufacture pharma products in Iran.

As of 10:25 a.m., shares of Cipla traded 0.11 per cent higher at Rs 568.65, underperforming the Nifty which was up 0.44 per cent.