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Cipla share price hits 52-week high after sales propel Q1 net profit

Cipla share price rose 6.64% in early trade to fresh 52 week high of Rs 777 against earlier close of Rs 728.60 on BSE

twitter-logoBusinessToday.In | August 10, 2020 | Updated 10:05 IST
Cipla share price hits 52-week high after sales propel Q1 earnings
Cipla stock price has risen 8.09% in one week, 20% in one month and 60.52% since the beginning of the year

Cipla share price gained over 6% today after the firm reported a 26.58 per cent rise in its consolidated net profit in June quarter. Cipla share price rose 6.64% in early trade to fresh 52 week high of Rs 777 against earlier close of Rs 728.60 on BSE.

Cipla stock price has risen 8.09% in one week, 20% in one month and 60.52% since the beginning of the year. Cipla stock opened with a gain of 4.78% at Rs 763.40 on BSE.

Market capitalisation of the firm rose to Rs 61,751 crore as of today's session. Cipla stock price is trading higher than 5, 20, 50, 100 and 200-day moving averages.

Total 2.45 lakh shares changed hands amounting to turnover of Rs 19.17 crore on BSE. On Friday, share price of Cipla closed at Rs 728.60 on BSE, down 0.42 per cent over previous close.

Cipla reported a 26.58 per cent rise in its consolidated net profit to Rs 566.04 crore on strong sales in Q1.

The company posted a net profit of Rs 447.15 crore in the corresponding period of the previous fiscal.

Stocks in news: Cipla, IndusInd Bank, Siemens, Punjab & Sind Bank, Concor

Total revenue from operations in Q1 stood at Rs 4,346.16 crore against Rs 3,989.02 crore for the same period year ago.

"During the quarter, our businesses actively re-imagined their operating models to drive strong growth across markets of India, South Africa, the US and focused execution on cost optimisation helped drive the quarter EBITDA to 24 per cent," Cipla MD and Global CEO Umang Vohra said.

The company is also at the forefront in combating COVID-19 through its strategic partnerships and a spectrum of offerings in its portfolio, he added.

Meanwhile, Indian markets rose extending last week's gains amid mixed global equities. Sensex was trading 279 points higher at 38,301 and Nifty gained 84 points to 11,299.

Last week, Sensex rose 433 points or 1.15%, while Nifty gained 140 points or 1.27%.

Share Market News Live: Sensex up 250 points, Nifty at 11,285; Cipla, Dr Reddy, Bajaj Finance top gainers

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