Cipla Hits Record High After Strong June Quarter Earnings

Cipla Share Price: By 11:22 am, 6.88 lakh Cipla shares had changed hands on the BSE, as against an average of 3.49 lakh over the past two weeks.

Cipla Hits Record High After Strong June Quarter Earnings

Cipla Share Price: The stock climbed to as high as Rs 797.60 on the BSE during the session

Highlights

  • Cipla shares jump over 9% to record high amid high volumes
  • Cipla stock boosts pharmaceutical shares
  • Company's profit rises 20.85% in June quarter

Cipla shares jumped more than 9 per cent to hit a record high amid high volumes on Monday, after the pharmaceuticals major reported strong financial results for the April-June period. The Cipla stock rose as much as 9.46 per cent to quote at Rs 797.60 apiece on the BSE at the strongest level recorded during the session, compared to its previous close of Rs 728.60. At 11:22 am, Cipla shares traded 8.93 per cent - or Rs 65.05 - higher at Rs 793.65, outperforming the benchmark S&P BSE Sensex index which was up 0.96 per cent. (Track Cipla Share Price Here)

By then, 6.88 lakh Cipla shares had changed hands on the BSE, as against an average of 3.49 lakh over the past two weeks. 

Cipla shares boosted pharma shares, pushing the Nifty Pharma index - comprising stocks of 10 major drug makers in the country - up as much as 5.50 per cent.

On Friday, the company reported a net profit of Rs 577.91 crore in the quarter ended June 30, marking a jump of 20.85 per cent compared to the corresponding period a year ago. 

The rise in net profit came despite a 6.11 per cent rise in expenses to Rs 3,612.40 crore in the June quarter.

Its revenue from operations grew to Rs 4,346.1 crore in the first quarter of current financial year, from Rs 3,989.02 crore in the year-ago period.

Revenue from the pharmaceuticals segment increased 7.73 per cent to Rs 4,266.09 crore, according to its regulatory filing after market hours on Friday.