Cipla share price declined 2 percent after the United States Food and Drug Administration (USFDA) has classified the inspection as Voluntary Action Indicated (VAI).
At 09:29am, Cipla was quoting at Rs 1,439.55, down Rs 32.75, or 2.22 percent, on the BSE.
The routine current Good Manufacturing Practices (cGMP) inspection at company’s manufacturing facility in Virgonagar, Bengaluru, India, has been conducted between 7-13 November, 2024, which classified as VAI.
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Earlier in this month the company informed that, it will invest approximately ZAR 900 million in equity share capital of Cipla Medpro South Africa Proprietary, a wholly-owned subsidiary of the company in South Africa (CMSA).
The company had reported a consolidated net profit of Rs 1,571 crore for the quarter ended on December 31, which was 49 percent rise from the Rs 1,056 crore net profit reported in Q3 of the previous financial year.
The company reported its highest ever quarterly revenue from operations at Rs 7,073 crore. This marks an increase of 7 percent from the Rs 6,604 crore revenue reported in the same period of FY24.
Research house KRChoksey in its report dated January 31, maintained an 'accumulate' rating with a target price of Rs 1,598.
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