Shares of Cipla gained sharply on Monday, soaring by nearly 6% during early trade after the pharmaceutical giant reported strong Q4FY24 results.
At 11 am, Cipla’s shares were trading at a notable 5.41% spike, reaching Rs 1,411.95 apiece on the Bombay Stock Exchange (BSE). During intraday trading, the stock hit a high of Rs 1,425.65.
Cipla reported a 78% surge in net profit during the March quarter, amounting to Rs 939 crore compared to Rs 525.6 crore in the same period last year.
Additionally, the company’s consolidated revenue from operations witnessed a 4% year-on-year increase, reaching Rs 6,082 crore.
Adding to the positive momentum, Cipla’s board recommended a final dividend payout of Rs 13 per share for FY24.
Analysts’ views on Cipla were mixed but generally positive: JP Morgan maintained an ‘overweight’ rating with a target of Rs 1,540, while CLSA and Macquarie reiterated ‘outperform’ ratings with targets of Rs 1,480 and Rs 1,430 respectively.
Nomura remained ‘neutral’ with a target of Rs 1,569, while HSBC expressed a ‘buy’ sentiment with a target of Rs 1,600.
On the flip side, Goldman Sachs stuck to a ‘sell’ rating with a target of Rs 1,265, and Jefferies maintained a ‘hold’ rating with a target of Rs 1,400.
Source Agencies
