Shares of the largecap pharma major Cipla started Wednesday's trade (May 15, 2024) on a positive note as 2.52 per cent equity or 2.04 crore shares changed hands in multiple block deals in the pre-opening trade. Clarifying on the stake sale, the company in an exchange filing said, "We hereby submit the following clarification with respect to sale of 2,04,50,375 shares by certain members of the Promoter Group today i.e. 15th May, 2024."

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Ms. Shirin Hamied, Ms. Rumana Hamied, Ms. Samina Hamied and Okasa Pharma Private Limited (all categorised as Promoter Group) have sold 2.53% shares of Cipla Limited for the purpose of creating liquidity for specific needs including philanthropy, it added. 

Post transaction, the entire promoter group (including Person Acting in Concert) continues to hold 31.67% in the company and remains committed to the future of Cipla.

After opening with gains of over 3 per cent at Rs 1402, the stock climbed to day's high price of Rs 1427.7 per share on the BSE, gaining more than 5 per cent over the previous close. 

Cipla Q4FY24 results

Pharma major Ciplal last week reported a 78.7 per cent jump in consolidated net profit to Rs 931.87 crore in the March quarter on the back of higher sales. The company had posted a consolidated net profit of Rs 521.51 crore in the year-ago period, Cipla Ltd said in a regulatory filing.

Consolidated total revenue from operations during the quarter under review stood at Rs 6,163.24 crore as against Rs 5,739.3 crore in the corresponding period a year ago, it added. Total expenses in the fourth quarter were higher at Rs 5,153.31 crore as compared to Rs 4,946.14 crore in the same period previous fiscal, it added.

For FY24, consolidated total revenue from operations was at Rs 25,774.09 crore as compared to Rs 22,753.12 crore in FY23.

Cipla share price performance

Over the past year, shares of the drug manufacturer have gained over 51 per cent in-line with the move in Nifty Pharma index.