Cipla shares rise nearly 2 pc

Shares of Cipla on Thursday rose nearly 2 percent after the pharma major said its arm has signed an agreement with CitiHealth Imports to acquire the remaining 40 percent stake in Cipla Pharma Lanka. On the BSE, the stock was up 1.83 percent at Rs 476.35.

The stock moved 1.81 percent higher to trade at Rs 476.50 on the NSE. The pharma company on Wednesday said its arm Cipla (EU) Ltd has signed an agreement with CitiHealth Imports to acquire remaining 40 percent stake in Cipla Pharma Lanka.

Cipla (EU) Ltd already has a 60 percent stake in Cipla Pharma Lanka Pvt Ltd. Post-acquisition, Cipla Pharma Lanka will become a wholly-owned subsidiary, Cipla said in a filing to the BSE.