On Friday, September 27, some Indian pharma shares are soaring, while others struggle to hold onto the green territory. One such company to wither the current storm that has hit some pharma companies is Cipla.
The Mumbai-based pharma company saw its shares rise by over 2 per cent in the day’s trade.
Recently, major pharma names, including the likes of Sun Pharma, Alkem Laborties and other companies, found themselves in the middle of a controversy as 53 medicines that were tested by the Central Drugs Standards Control Organisation failed their quality test.
Cipla Gets Buy Call From UBS
As for Cipla, the company shares surged after brokering company UBS upgraded their rating. UBS initiated a buy rating for the company. This came to pass, as it issued a sell rating for many other big names in the pharma business.
In addition to Cipla, UBS also issued positive ratings for another Mumbai-based pharma company, Sun Pharma.
UBS has issued confidence in Cipla, which the drug company makes drugs like Azicip; Cephadex and Latanoprost. UBS issued a ‘Buy’ rating with a target of Rs 2,060 per share.
In the past month, the company made gains of 3.94 per cent or Rs 62.90.
The company shares, which increased by around under 0.50 per cent in the past 5 trading sessions, made gains on the last trading session of this trading week.
Company Shares Rise
Cipla shares started on a steady note on Friday, with shares opened at Rs 1,630.15. The stocks hit a high of Rs 1,672.45, while they hit a low of Rs 1,630.00.
After steady increase, the surge intensified after 11:00 IST. At the time of writing, the company share further extended their surge, increasing by 2.78 per cent or Rs 45.05. This took the overall value of the shares to Rs 1,666.85 per share.
