Cipla surges 4% on smart Q2 earnings; m-cap up Rs 1,276 cr
Mumbai: Shares of drug firm Cipla on Tuesday surged over 4 percent after its net profit rose 61.83 percent for the second quarter ended September 30, 2012.
After climbing nearly 5 percent to Rs 398.75 -- the highest level in a year -- the stock finally ended at Rs 396.35, up 4.18 percent on the BSE.
At NSE, the scrip settled at Rs 396.30, up 4.23 percent.
The stock was the top performer among the BSE 30-stock index, Sensex.
The market value of Cipla moved up by Rs 1,276 crore to Rs 31,823 crore.
"Amongst the companies declaring quarterly results, Cipla clearly stole the show. The company's results beat the street expectation as the profits jumped up 62 percent," Milan Bavishi, Head Research, Inventure Growth & Securities said.
Cipla's consolidated net profit rose by 61.83 percent to Rs 500.01 crore for the July-September quarter, 2012-13 fiscal, due to robust sales in domestic and international markets.
It had posted net profit of Rs 308.97 crore during the corresponding period of previous fiscal.
Net sales of the company rose by 23.90 percent to Rs 2,145.87 crore during the second quarter, as against Rs 1,731.83 crore in the same period of 2011-12 fiscal.
The Sensex closed at 18,817.38, up 54.51 points from Monday’s close.