Cipla stocks spurt nearly 7% on Q3 results

Reuters Updated on February 08, 2018

Cipla has reported 7 per cent jump in Q3 net profit on strong domestic sales.

Shares of Cipla surged on third-quarter results. The stock surged as much as 6.85 per cent to Rs 608.2, in its biggest intraday percentage gain since November 2016.

The stock was the top percentage gainer on the NSE index. India’s fourth-largest drugmaker by revenue had on Wednesday reported 7 per cent jump in Q3 net profit on strong domestic sales.

Cipla continues to stand out vs peers due to lower presence in US generic market, and good execution on initiatives, says Citi. It has maintained “Buy” rating and reiterated the stock as a top sector pick.

Nineteen of 36 brokerages covering the stock have rated it as “buy” or higher, 5 have “sell” or lower, and 12 have “hold” ratings; the median target price is Rs 627.50, according to Thomson Reuters Eiko data.

Published on February 08, 2018
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