MARKET WATCH ON NIFTY: During the past four trading sessions, the Nifty Pharma index embarked on a triumphant spree, marking fresh pinnacles with each successive day. In the present day's trading session, the index surged by 1%, etching a novel all-time zenith at 15,640 points, thereby eclipsing its preceding peak of 15,498.
This surge in pharmaceutical equities can be ascribed to their robust showing during the June quarter, led by value-added new launches, expansion of market share, and robust momentum within the Indian and US markets, both exhibiting high double-digit growth.
Among the significant players within the index, Cipla experienced an astonishing ascent of nearly 20% across merely nine trading sessions. This rapid surge followed the company's exceptional performance announcement on July 26 for Q1FY24. The corporation unveiled an impressive 17.7% year-on-year revenue escalation on a consolidated basis, amounting to a substantial Rs.6,329 crore. Its domestic operations observed an 11.6% elevation to reach Rs.2,772 crore in the first quarter, whereas its operations in the US reported their most lucrative quarterly revenue ever, amounting to US$222 million, signifying a remarkable 43% year-on-year growth. This achievement can be attributed to the potent momentum within its distinct portfolio.
Cipla proudly reported an after-tax profit of Rs.996 crore, marking a remarkable 45.1% enhancement when juxtaposed with a net profit of Rs.706 crore recorded during the corresponding period in the prior year. Sequentially, the net profit displayed a staggering 90.80% improvement.
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