Cipla lost 0.15% to Rs 413 at 14:43 IST on BSE amid volatility after the firm said its wholly owned subsidiary has signed a definitive pact with the firm's existing Sri Lankan distributor for acquisition of 60% stake in a new company.
The announcement was made during market hours today, 17 June 2014.
Meanwhile, the S&P BSE Sensex was up 303.54 points or 1.2% at 25,494.02.
On BSE, so far 79,000 shares were traded in the counter as against average daily volume of 2.10 lakh shares in the past one quarter.
The stock was volatile. The stock fell as much as 0.71% at the day's low of Rs 410.65 so far during the day. The stock rose as much as 0.58% at the day's high of Rs 416 so far during the day. The stock had hit a record high of Rs 450 on 16 September 2013. The stock had hit a 52-week low of Rs 366.70 on 24 February 2014.
The stock had outperformed the market over the past one month till 16 June 2014, surging 6.54% compared with the Sensex's 4.43% rise. The scrip had, however, underperformed the market in past one quarter, jumping 7.19% as against Sensex's 15.5% rise.
The large-cap company has equity capital of Rs 160.58 crore. Face value per share is Rs 2.
Cipla (Mauritius), a wholly owned subsidiary of the Cipla has signed a definitive agreement with the company's existing Sri Lankan distributor for acquisition of 60% stake in a new company which will market the company's products in Sri Lanka. The consideration payable for the transaction is $14 million. The proposed acquisition is subject to regulatory approvals, Cipla said.
On a consolidated basis, Cipla's net profit declined 5.7% to Rs 260.69 crore on 26.7% growth in sales to Rs 2429.28 crore in Q4 March 2014 over Q4 March 2013.
Cipla is a global pharmaceutical company. The company's portfolio includes 2000 products in 65 therapeutic categories with one quality standard globally.
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