Cipla settles over 6% higher on bourses
Shares of drug major Cipla today gained over 6% after the company reported 17.47% increase in net profit for the July-September quarter.
After a firm opening, shares ended 6.51% up at Rs 306.90 on the BSE. During the day, the scrip gained 7.13% to Rs 308.70. The stock was the best performer among the 30 Sensex stocks.
On the NSE, Cipla closed with a gain of 6.30% at Rs 306.25.
In the process, the market value of the company swelled by Rs 1,505 crore to Rs 24,641 crore from Rs 23,136 crore yesterday.
"Cipla's Q2 results were above market expectation," Emkay Global Financial Services said in a research note.
Cipla has reported a 17.47% increase in net profit to Rs 308.97 crore for the quarter ended September 30, 2011, due to improved sales within the country and overseas.
The company had posted a net profit of Rs 263.01 crore for the quarter ended September 30, 2010.
The surge in the stock outperformed the broader market benchmark Sensex which closed with a loss of 1.38% at 16,882.67.