Cipla rallies nearly 2%, hits 52-week high on UK expansion plans

NEW DELHI: Cipla Ltd rose as much as 1.7 per cent in trade on Tuesday to hit its fresh 52-week high of Rs 458, after the pharma major said it will invest up to 100 million pounds in UK.

The pharma major is expected to invest nearly Rs 1,030 crore over next few years for launch and development of new drugs as part of its global footprint expansion plans.

At 09:45 a.m.; Cipla was trading 1.2 per cent higher at Rs 455. It hit a low of Rs 450.45 and a 52-week high of Rs 457 in trade today.

The company will provide high quality affordable medicines to British National Health Service (NHS).

Commenting on the development, Cipla Board member and Global Chief Financial Officer Rajesh Garg said: "We are very pleased to be making this investment in the UK.

"We were impressed with the pro-active support and engagement that the UK Government and its various ministries showed in attracting Cipla to choose the UK as a key hub in our global footprint," he added.