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Cipla jumps on deal rumours

Mumbai, Aug. 29: The share price of Cipla Ltd has been rising over the last couple of days on reports of its impending deal with a South African company and rumours of its promoters raising their stake through a buyback.

Y.K. Hamied, the company’s promoter, currently holds close to 40 per cent stake. Institutional investors hold 24.62 per cent stake, while the Indian public has close to 30 per cent.

The Cipla counter saw large volumes on BSE today, even as the stock gained Rs 11.20 over the previous close. Opening at Rs 940, the stock rose to a day’s high of Rs 951.90 before finishing at Rs 950.25. The counter saw 1.23 lakh shares being transacted, generating a turnover of Rs 11.72 crore while yesterday, it saw trading of 21,190 shares.

Though market circles attributed this rise to the possibility of a share buyback by the promoters, sources close to the company denied any such development.

Recent reports said that Cipla is in talks with South African mining giant Anglo American to supply anti-AIDS drugs. The latter is the biggest company in South Africa and about a quarter of the 134,000 workers it employs along with group firm AngloGold is reported to be HIV positive.

Cipla made a offer last year to supply poor countries with a triple-drug anti-AIDS cocktail at $ 350 per patient per year, one-thirteenth of prices then charged by multinational drugmakers. The offer led to price cuts by various multinationals.

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