Cipla takes wing on institutional support

DALAL STREET SPIKES

Domestic pharma company Cipla managed to buck the overall negative trend to gain 3.27 per cent on aggressive buying by domestic institutional investors.

According to market talks, Life Insurance Corporation of India was active buyer at this counter in today's trading. The stock was among the very few gainer at the BSE closing at Rs 1,344.40 as against its previous close of Rs 1,301.

The stock in the intra-day trades touched a high of Rs 1,362 with volumes accounting for more than 62 thousand shares at the BSE.

Dealers said that Cipla was attracting interest since the company announced impressive fourth quarter results recently.

The interest in the stock yesterday, was also after the announcement that the company has fixed May 19 as the record date for the sub-division in the face value of equity shares from Rs 10 to Rs 2.