Investors give thumbs-up to Cipla on strong Q1 numbers; scrip hits 52 week high

Posted By: Religare
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Investors give thumbs-up to Cipla on strong Q1 numbers
Buoyed by the strong first quarter earnings number, shares of Pharmaceutical major, Cipla Ltd soared over 7 per cent on the Bombay Stock Exchange in the early trading.

The company has reported 58.2 per cent growth in its standalone net profits for the first quarter ended June 2012 at Rs 401 crore, helped by the strong growth in exports of formulations and fall in material costs as proportion of total sales.

Cheering the news, shares of the company started the day on positive note and hit 52-week high to Rs 363.60 a piece, notching a gain of 7.39 per cent on BSE.

On the volume front, there was spurt in volume trade with 5.23 lakhs shares changed hands till now compared to average of 1.49 lakhs shares in daily trade on BSE.

In a similar fashion, shares of the company were trading at Rs 356.30, up 5.23 per cent on the National Stock Exchange.

Meanwhile, the broader benchmark Sensex was quoting at 17,198.64, down 37.54 points or 0.22 per cent at 10:24 hours.

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