Cadila Healthcare becomes third most valuable pharma firm in India
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Mumbai: Cadila Healthcare Ltd has become the third most valuable listed pharmaceutical company with its share price rising 27% so far in 2017, beating drug makers like Dr. Reddy’s Laboratories Ltd and Cipla Ltd that have much higher revenues.
At the close of trade on Thursday, market capitalization of Cadila Healthcare was Rs46,406.25 crore. Its market capitalization had touched an all-time high of Rs46,959.07 crore on Tuesday.
Sun Pharmaceutical Industries Ltd continues to be the most valued pharma company with market capitalization of Rs1.66 trillion, followed by Lupin Ltd having a market capitalization of Rs64,726.77 crore.
Cadila Healthcare’s stock rallied after the US Food and Drug Administration (FDA) in February cleared the company’s manufacturing unit at Moraiya in Gujarat, which had received warning letter from the regulator in December 2015 due to violation of good manufacturing practices.
On Thursday, the stock ended down 0.45% at Rs454 on the BSE, while the benchmark Sensex closed 0.61% lower at 29461.45 points.