Cipla shares in focus today as FDA licence of Patalganga unit suspended for 10 days
Cipla shares ended flat at Rs 1242, rising 0.56% or Rs 6.95 on BSE against the previous close of Rs 1235.20.
- Aug 17, 2023,
- Updated Aug 17, 2023 11:30 AM IST
Shares of pharmaceutical company Cipla Ltd are in focus today after the firm said the Konkan division of the Food and Drugs Administration has suspended the FDA licence of the company's Patalganga manufacturing unit for 10 days in December 2023, for non-conformance of good manufacturing practices under the Drugs and Cosmetics Act 1940.
In the previous session, Cipla shares ended flat at Rs 1242, rising 0.56% or Rs 6.95 on BSE against the previous close of Rs 1235.20. The stock opened flat at Rs 1235 on Wednesday. Market cap of the firm climbed to Rs 1 lakh crore.
Cipla stock has risen 16% this year. In a year, the stock has delivered 20% returns Total 0.43 lakh shares changed hands amounting to a turnover of Rs 5.39 crore on BSE. Cipla stock hit a 52-week low of Rs 852 on March 22, 2023 and an a 52 week high of Rs 1277.55 on August 10, 2023.
In terms of technicals, Cipla stock has a one-year beta of 0.4, indicating low volatility during the period. Cipla shares are trading higher than the 20 day, 50 day, 100 day and 200 day but lower than the 5 day moving averages.
The pharma stock is trading in the overbought zone, signaled by the relative strength index (RSI) of 76.2. A stock having a RSI above 70 mark is referred to as overbought.
Cipla said it would appeal to the state government on the order.
“Not in agreement with the FDA rulings, being the basis for the said suspension, the Company is in the process of appealing the said order to the State Government,” said Cipla.
Also read: Hot stocks on August 17, 2023: Adani Power, Suzlon Energy, IRFC, Cipla and more
There is no material impact on financials, operations or other activities of the company due to the said order, it added.
Cipla is in the business of manufacturing, developing, and marketing wide range of branded and generic formulations and Active Pharmaceutical Ingredients (APIs). The company has its wide network of manufacturing, trading and other incidental operations in India and International markets.
Also read: Stuck in IRCTC shares since one year? Here’s what you should do
Also read: Adani Power becomes the fourth Adani Group company in GQG's portfolio.
Shares of pharmaceutical company Cipla Ltd are in focus today after the firm said the Konkan division of the Food and Drugs Administration has suspended the FDA licence of the company's Patalganga manufacturing unit for 10 days in December 2023, for non-conformance of good manufacturing practices under the Drugs and Cosmetics Act 1940.
In the previous session, Cipla shares ended flat at Rs 1242, rising 0.56% or Rs 6.95 on BSE against the previous close of Rs 1235.20. The stock opened flat at Rs 1235 on Wednesday. Market cap of the firm climbed to Rs 1 lakh crore.
Cipla stock has risen 16% this year. In a year, the stock has delivered 20% returns Total 0.43 lakh shares changed hands amounting to a turnover of Rs 5.39 crore on BSE. Cipla stock hit a 52-week low of Rs 852 on March 22, 2023 and an a 52 week high of Rs 1277.55 on August 10, 2023.
In terms of technicals, Cipla stock has a one-year beta of 0.4, indicating low volatility during the period. Cipla shares are trading higher than the 20 day, 50 day, 100 day and 200 day but lower than the 5 day moving averages.
The pharma stock is trading in the overbought zone, signaled by the relative strength index (RSI) of 76.2. A stock having a RSI above 70 mark is referred to as overbought.
Cipla said it would appeal to the state government on the order.
“Not in agreement with the FDA rulings, being the basis for the said suspension, the Company is in the process of appealing the said order to the State Government,” said Cipla.
Also read: Hot stocks on August 17, 2023: Adani Power, Suzlon Energy, IRFC, Cipla and more
There is no material impact on financials, operations or other activities of the company due to the said order, it added.
Cipla is in the business of manufacturing, developing, and marketing wide range of branded and generic formulations and Active Pharmaceutical Ingredients (APIs). The company has its wide network of manufacturing, trading and other incidental operations in India and International markets.
Also read: Stuck in IRCTC shares since one year? Here’s what you should do
Also read: Adani Power becomes the fourth Adani Group company in GQG's portfolio.