Shares of pharmaceutical major Cipla have surged over 7% in the past five days despite weak quarterly results.
On August 12, the shares of the company opened at Rs 516.65 and on August 18, the shares closed at Rs 551.6, a rise of 6.7% in five days. At 1118 hours on Friday, shares of the company were trading at Rs 557.80, up by another 1.12%.
Last week, the company reported a 43.74% drop in consolidated net profit at Rs 365.24 crore for the quarter ended on June 30, 2016 as against the net profit of Rs 649.22 crore for the quarter ended on June 30, 2015.
The consolidated total income from the operations declined by 6% to Rs 3,593.72 crore in Q1FY17 as against Rs 3,838.45 crore for the same period a year ago.
The company’s revenue…
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