Mumbai: Shares of Cipla Friday soared nearly 3 percent in morning trade on bourses after the company said it expects 20 percent growth in revenues in the current fiscal.
The shares opened on a bullish note at Rs 673.25 and jumped 2.81 percent to an early high of Rs 679.75.
Similar movement was seen on NSE where the stock opened at Rs 675 and surged 2.83 percent to an early high of Rs 679.70.
"Our results for the first quarter ended June 2015 have shown an exceptional growth both in turnover and overall profitability.
We are optimistic that in the current year, our revenues will grow 20 percent and our profitability will be commensurate with this," Cipla Chairman Y K Hamied told shareholders at its 79th annual general meeting on August 27.
The company's turnover doubled in the last five years to Rs 11,000 crore in 2014-15. The net profit marginally declined due to statutory price reductions of a number of drug formulations in the domestic market and major diverse long-term investments to build its portfolio and pipeline of newer products, Hamied said.
The company looks to introduce new products and devices in India, US and European markets.
The stock was later trading at Rs 668.55, up 1.12 percent on BSE and Rs 668.50, up 1.14 percent on NSE at 1101 hours.
