Cipla up 10%

Cipla is a shining star today in this lacklustre market; figuring among the top three gainers on the BSE, the stock opened over 7% higher and soon rose to an intraday high at Rs.1557.45, up 10%. Its 52-week high stands at Rs.1702.

The stock has reacted positively to the news that the routine current Good Manufacturing Practices (cGMP) inspection at its  manufacturing facility in Goa went well.

This happened between 10th – 21st June, 2024 and USDFA classified the above referred inspection as Voluntary Action Indicated (VAI).

VAI means that though there are issues, they are minor which the company can correct by itself and the facility is ready for all further actions and launches.

This means for Cipla, the road is now clear for launch its chemotherapy drug, Abraxane.