Stock-split news fails to enthuse Cipla counter

DALAL STREET SPIKES

Cipla turned out to be one of the big losers on the BSE inspite of the news that the company is planning a stock split. The stock ended 5.63 per cent lower at Rs 1,128 with volumes of 46,363 shares at the BSE.

Analysts attribute today's fall to the overall weakness in the market with funds booking profits at higher levels. The company had announced after trading hours on Tuesday that its board would consider a stock-spilt proposal.

Since Wednesday, the stock has lost over 7 per cent from its Wednesday's intra-day high of Rs 1,227.50 to today's close of Rs 1,128.

The counter has been volatile since the last few days on alternate bouts of buying and selling, moving in the Rs 1,150- Rs 1,245 range.

ICICI Securities had recently reiterated a buy on the stock as the domestic pharma market, which had a bad year in 2003, is expected to pick up in 2004 due to the economic rebound amid good monsoon.