London court ruling lifts Cipla

DALAL STREET SPIKES

Domestic pharmaceutical major Cipla was in limelight on the back of favourable decision in the London High Court that paved way to launch the generic version of asthma treatment drug.

The stock as a result gained 3.35 per cent to close at Rs 1,143.95 after touching the day's high of Rs 1,156 yesterday. The counter witnessed volumes of 29,120 shares at the BSE.

The stock has been volatile since the past few trading sessions and surged today on news that GlaxoSmithKline Plc (GSK) lost a patent case on its biggest selling asthma drug in the London High Court on Friday, paving the way for generic versions to take a portion of its business in the UK.

Cipla shares, however, had declined sharply in the last two trading sessions ahead of the court ruling in spite of company's announcement last week that its board would consider a stock-split proposal.

The stock lost 7.4 per cent from Rs 1,196 on March 17 to Rs 1,106.85 on March 19.