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Shares of Cipla jumped as much as 4.6% in Wednesday's trade as the company reported a consolidated net profit of Rs 434.95 crore for the second quarter ended September, 3017 against Rs 369.64 crore in the corresponding period of the previous fiscal, beating market expectations.
After opening strong at Rs 623.70 against the previous close of Rs 608.35, the drug maker shares touched an intraday high of Rs 636.50 and a low of Rs 620.80 on the BSE. In terms of equity volume, 1.63 lakh shares were traded on the BSE.
“Cipla recorded strong growth momentum across key markets. Our US growth is getting a major boost with initiation of much-awaited product approvals. The domestic business witnessed significant ramp-up in line with strong offtake. Our efforts to improve cost efficiency continue to yield benefits,” Umang Vohra, global chief executive officer and managing director, had said in a statement.
Cipla is trying to increase its footprint in the US market. During April-September, the company had filed eight abbreviated new drug applications (ANDAs) with the US Food and Drug Administration and expects to file 20-25 ANDAs in the current financial year. It currently has 71 generic drug applications pending with the USFDA for approval.
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