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By Malvika Gurung
Investing.com — Shares of the pharmaceutical company Cipla (NS:) hit a fresh record high at Rs 1,053.75 apiece, after ending the session 5.76% higher at Rs 1,043.95 apiece on Friday, while peer company Sun Pharmaceutical hit a new 52-week high at Rs 907 apiece in the session today while ending 3.73% higher at Rs 902 apiece.
Cipla witnessed a rise in stock price for the fifth consecutive session on Friday, rising 6% in this period, and 10% over the past 10 sessions, far outperforming the headline index .
Cipla was the best performer on in today’s session and remains among the top picks in the pharmaceutical segment by market experts.
Analysts at ICICI Securities are bullish on the stock, as they see the company focussing on its core strength and front-end model while shifting to a more ‘lucrative respiratory’ business.
Besides, the drugmaker is the third company to be granted the ‘SEC’ approval by the Central Drugs Standard Control Organization or CDSCO for conducting local trials on anti-Covid-19 pill Paxlovid.
Furthermore, the sectoral index ended 2.46% on Friday, led by Cipla and Granules India, outperforming all the sectors listed under the Nifty basket, with as the closets second, up 0.92%.
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