‘Big Daddy’ laps up Cipla after Q1 nos beat forecast

Shares of Cipla inched up on heavy volumes on Friday, after the company’s first quarter earnings beat the consensus estimate. On the BSE, the stock closed at Rs 315.45, up 0.5% over its previous close, with 2.84 lakh shares — twice the 2-week average daily volume —being traded. Dealers tracking the stock said the ‘Big Daddy’ of insurance companies was a key buyer. However, traders who had built up positions in anticipation of good quarterly numbers, chose to book profits, thus restricting gains in the stock.