Cipla zoomed 15 % in early trade, hit circuit limit

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Cipla limited clocked the upper circuit in early trade when stock zoomed 15%. Company got final approval for it's asthmatic medication.
Cipla limited, asthmatic medication, Representative image.

Cipla limited clocked the upper circuit in early trade when stock zoomed 15%. Stock hit intraday high of 610 and made new 52 weeks high at same level.Currently counter is trading at 582.75 with a gain of 70.00 points (13.65%). Company got final approval for it’s asthmatic medication.

Pharma major is in strong uptrend since last 2 weeks.On 23 March stock had closed at 375.25. It means Cipla gained more than 200 points or 55.29 % in just 11 trading day.At a current price Cipla has a market cap of 46,98,3.36 crores.

Cipla limited has informed the exchange that the company has received final approval for a generic version of Proventil HFA Inhalation Aerosol (Albuterol Sulfate Inhalation Aerosol 90mcg (base)/actuation.). Medication causes bronchodilation by relaxing muscles in the airways and increases air flow to the lungs.It is used to prevent and treat wheezing and shortness of breath caused by breathing disorders such as asthma and chronic obstructive pulmonary disease.

Nifty Pharma index is up more than 5 per cent and rally is led by Cipla and Lupin. Both stocks have gained more than 10%.

Sensex rallied over 900 points in opening trade on Thursday led by gains in financial, IT and FMCG stocks on strong global clues.Market participants are hoping for another stimulus measure by the government in response to Coronavirus outbreak to spur the economy.

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