Fidelity International Kingswood Fields bought around 59,800 shares or 0.24 per cent of the total shares of the company, to increase its stake in the company to 7.2 per cent now.
The stock has been an under-performer and has seen volumes cool off this week which saw 73,000 trades in the scrip, almost half of last week's figure. The company manufactures bulk drugs and drug intermediates.
| Stock of the week Cipla Friday's movement was on the back of reports that the company has got marketing rights for an anti-bird flu drug in India. The stock had earlier been bolstered by news that the board will be considering a bonus issue. Cipla had announced a 5:1 bonus issue ten years ago. Results for Cipla had been impressive for the December quarter. It had posted a 39.5 per cent jump in profits (to Rs 175 crore,) and a 30.1 per cent increase in sales to Rs 780.62 crore. It is a strong player in anti-AIDS drugs and anti-asthmatics and has drawn up a partnership strategy to make further inroads in the US market. |
