Shares of drugmaker Cipla skyrocketed nearly 8% on Thursday, reaching their highest since November, 2022.
What Happened? The pharma major posted strong results on Wednesday, beating street estimates handily thanks to strong performance overseas.
Cipla's consolidated net profit came in at ₹996 crore, up 45% from a year ago. The total revenue from operations also saw significant growth, increasing by nearly 18% to ₹6,329 crore.
Analysts at Jefferies upgraded the stock’s rating to “buy”, with a price target of ₹1,210. The analysts raised FY24-26 estimates by 12%-20%.
Price Action: Cipla’s share price climbed 8.6% to ₹1,160.05 in early trade on Thursday.
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