Cipla shares are expected to remain in focus after the United States Food and Drug Administration (USFDA) classified the inspection of its Virgonagar, Bengaluru facility as Voluntary Action Indicated (VAI). The routine current Good Manufacturing Practices (cGMP) inspection was conducted between November 7-13, 2024.
Earlier this month, Cipla announced an investment of ZAR 900 million in the equity share capital of Cipla Medpro South Africa Proprietary, its wholly-owned subsidiary in South Africa.
For the quarter ending December 31, Cipla reported a strong 49 percent year-on-year rise in consolidated net profit, reaching Rs 1,571 crore, compared to Rs 1,056 crore in the same period last year. The company also posted its highest-ever quarterly revenue from operations at Rs 7,073 crore, marking a 7 percent increase from Rs 6,604 crore in Q3 FY24.
Brokerage firm KRChoksey maintained an ‘accumulate’ rating on Cipla, setting a target price of Rs 1,598 in its report dated January 31.
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Source: Moneycontrol
News Desk
