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Shares of Cipla soared nearly 3 per cent in the morning trade trade after the company said it expects 20 per cent growth in revenues in the current fiscal.
The shares opened on a bullish note at Rs 673.25 and jumped 2.81 per cent to an early high of Rs 679.75. But the stock ended lower by 0.21 per cent to Rs 659.75 on the BSE.
Similar movement was seen on NSE where the stock opened at Rs 675 and surged 2.83 per cent to an early high of Rs 679.70. The stock ended down by 0.26 per cent at Rs 659.20.
“Our results for the first quarter ended June 2015 have shown an exceptional growth both in turnover and overall profitability. We are optimistic that in the current year, our revenues will grow 20 per cent and our profitability will be commensurate with this,” Cipla Chairman Y K Hamied told shareholders at its 79th annual general meeting on August 27.
The company’s turnover had doubled in the last five years to Rs 11,000 crore in 2014-15. Net profit marginally declined due to statutory price reductions of a number of drug formulations in the domestic market and major diverse long-term investments to build its portfolio and pipeline of newer products, Hamied said.
The company plans to to introduce new products and devices in India, US and European markets.
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