Book profits in Cipla: Jagannadham Thununguntla

Jagannadham Thununguntla, Strategist & Head of Research, SMC Global Securities Limited told CNBC-TV18, "If one is a short-term trader it is worthwhile to book the profits in Cipla for the simple reason that even though we had seen a good momentum in the stock more of that rally maybe because of the short covering. So, one has to be little careful. Generally after the short covering bounces, the stocks tend to cool-off a bit. However, if we have a medium to long-term perspective still Cipla is a hold. However, considering a slightly shot-term perspective it is worthwhile to book profits."

At 14:41 hrs Cipla was quoting at Rs 421.85, up Rs 10.40, or 2.53 percent. It has touched an intraday high of Rs 424.80 and an intraday low of Rs 409.
The share touched its 52-week high Rs 435 and 52-week low Rs 305.00 on 09 January, 2013 and 12 June, 2012, respectively. Currently, it is trading 3.02 percent below its 52-week high and 38.31 percent above its 52-week low. Market capitalisation stands at Rs 33,871.24 crore.