Cipla - Launch of CIPtest - Angel Broking

Mr. Yash Gupta - Equity Research Associate, Angel Broking Ltd

Cipla Ltd stock up by 0.3% on Launches 'CIPtest' Rapid Antigen Detection Test for COVID-19 Diagnosis. Cipla Limited today announced its partnership with the Premier Medical Corporation Private Limited for commercialization of the rapid antigen test kits for COVID-19 in India. The company will commence supply from this week. This is Cipla's second launch in the diagnostics space after Elifast: SARS CoV-2 IgG ELISA Test Kit. In this collaboration, Cipla will be responsible for the marketing and distribution of the Rapid Antigen Detection Test for the qualitative detection of SARS-CoV-2 antigen that will be manufactured by Premier Medical Corporation Private Limited. The test is a rapid point-of-care nasopharyngeal swab test that directly detects the presence or absence of coronavirus antigen in the patient's body, generating results within 15-20 minutes. CIPtest is a reliable high-performing kit that has been validated and approved by ICMR. It is found to have specificity and sensitivity of 98.09% and upto 75% respectively. This is very positive development for the company, demand for covid tests is huge as in India. Covid-19 positive cases are around 30K-40K per day and even there is the fear of 2nd or 3rd wave of Covid in India.

Shares of CIPLA LTD. was last trading in BSE at Rs.781.7 as compared to the previous close of Rs. 789.25. The total number of shares traded during the day was 279985 in over 4924 trades.

The stock hit an intraday high of Rs. 798 and intraday low of 779.85. The net turnover during the day was Rs. 220778288.

Source : Equity Bulls

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