Cipla fell 0.2% to Rs 447 at 12:06 IST on BSE after the company in collaboration with the UK government has expressed its intention to make investment of up to 100 million pounds in its UK subsidiary over the next few years.
The company made the announcement during trading hours today, 7 July 2014.
Meanwhile, the BSE Sensex was up 98.90 points, or 0.38%, to 26,060.96
On BSE, so far 53,628 shares were traded in the counter, compared with an average volume of 2.25 lakh shares in the past one quarter.
The stock was volatile. The stock rose as much as 1.13% at the day's high of Rs 453 so far during the day, also its record high. The stock fell as much as 0.74% at the day's low of Rs 444.60 so far during the day. The stock 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 4 July 2014, rising 14.73% compared with 4.66% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, gaining 10.84% as against Sensex's 16.11% rise.
The large-cap company has an equity capital of Rs 160.58 crore. Face value per share is Rs 2.
Cipla said that the company in collaboration with the UK government has expressed its intention to make investment of up to 100 million pounds in its UK subsidiary over the next few years. The proposed investment in the UK subsidiary is expected to facilitate the launch of a range of products in the area of respiratory, oncology and antiretroviral medicines to further Cipla's higher purpose of universal affordable access, the Indian company said. The investment underscores the growing importance of UK in Cipla's long term strategy. Cipla also plans to invest in R&D activities, clinical trials and expand further internationally.
On a consolidated basis, Cipla's net profit declined 5.7% to Rs 260.69 crore on 26.7% growth in net 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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