 "Cipla gains on plans to foray into nutritional business")
Shares of drug maker Cipla are trading higher by 2.4% at Rs 677 on the Bombay Stock Exchange (BSE) after the company decided to foray into nutritional business and launch full range of nutritional products over the next 12-18 months.
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“We had an initial pilot with an over-the-counter product Nicotex and that has been successful. We have now set up a subsidiary and looking to launch full range of nutritional products in next 12-18 months,” he stated. Saxena said Cipla's future growth will largely be organic and added the company was not under any compulsion to do mega acquisitions. He added the company would continue with its strategy of developing joint venture partnerships with pharmaceutical firms in other countries.
Cipla, whose focus is on respiratory segment, will continue to have partnerships and in-licensing as a growth strategy.
The stock opened at Rs 673 and touched a high of Rs 679.75 on the BSE. A total of 35,330 shares changed hands on the BSE so far.