Cipla - Multi-G agreement - Angel Broing

Mr. Yash Gupta Equity Research Associate, Angel Broking Ltd

Cipla stock up by 1% on launch of COVID-19 antibody test kit. Cipla Limited today announced that it signed a licensing agreement with a Belgium-based firm, Multi G for the distribution of their COVID-19 Rapid Antibody test kit across most Emerging markets and Europe. As part of this agreement, Cipla will be responsible for distribution of the COVID-19 rapid antibody kit that will be manufactured by MultiG. It is marketed under the brand name 'Covi-G', this was among the earliest Antibody kits to declare CE-compliance and is awaiting approval by ICH country regulators. The kit gives results within 10 minutes. This is a positive development for Cipla Limited as Most Emerging markets and Europe are into the 2nd wave of COVID-2019 so there will be huge demand for testing kits.

Shares of CIPLA LTD. was last trading in BSE at Rs.742.5 as compared to the previous close of Rs. 746.25. The total number of shares traded during the day was 281312 in over 8058 trades.

The stock hit an intraday high of Rs. 751.8 and intraday low of 734.2. The net turnover during the day was Rs. 208923198.

Source : Equity Bulls

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