A total of 1.39 crore shares of Cipla Ltd, representing 1.72 percent of the company’s equity, were sold through block deals on Monday. Promoters are the likely sellers, as reported previously by CNBC TV18.
The block trades were estimated to be worth Rs 2,000 crore, at 6 percent discount to Cipla’s last closing price of Rs 1,529.9 on Friday, November 29, the CNBC TV18 news report had said earlier.
Cipla share price gained 2.6 percent on Friday. The stock has jumped about 26 percent in the last one year, taking the firm's market capitalisation to Rs 1.2 lakh crore. It has outperformed benchmark NSE Nifty 50, which has gained over 16 percent during this period.
As of September 30, 2024, Cipla's promoter and promoter group held a 30.92 percent equity stake in the company. This recent sale follows a previous transaction in May 2024, where the promoters sold a 2.53 percent stake for Rs 2,690 crore, reducing their holding from 33.47 percent to 30.92 percent. That sale was executed at a price of Rs 1,345 per share.
Cipla reported a 15 percent year-on-year rise in net profit to Rs 1,303 crore for Q2 FY24. Revenue from operations stood at Rs 7,051 crore, up 5 percent from Rs 6,678 crore a year ago. The company's EBITDA rose 8.7 percent year-on-year to Rs 1,885.5 crore, with a margin of 27 percent.
Cipla's North America sales grew 4 percent year-on-year to $237 million, driven by traction in its differentiated portfolio; while its India business grew 5% on-year.
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