Cipla up 3 % on reports of promoter stake sale

New Delhi, August 4 (IANS) Cipla stock price jumped more than 3 per cent on Friday after reports that Blackstone is in talks to buy out the promoter stake in the company.

Last week, Cipla had clarified that the company is not aware of any event that requires disclosure under Listing Regulations.

“The company will make appropriate disclosure in compliance with the Listing Regulations as and when any such requirement arises." it said in a filing.

The clarification came regarding reports that Cipla promoters are looking to sell a part stake in the promoter shareholding to private equity investors.

Cipla is up 3.62 cent in trade on Thursday at Rs 1,207 on BSE.

Param Desai, Research Analyst ar Prabhudas Lilladher, said Cipla’s Q1FY24 EBITDA was 13 per cent above our estimates, aided by higher GMs (64.3 per cent) and US sales of $222 million.

“We continue to remain positive on growth across key segments including India and US given 1) strong traction in respiratory and other portfolio; 2) potential growth of +10 per cent in domestic formulations; and 3) sustainability of current US revs, backed by prospective key launches over FY25,” he said.