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    CIPLA   INE059A01026

CIPLA LIMITED

(CIPLA)
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Indian shares slide on virus variant fears, set for big weekly losses

11/26/2021 | 01:32am EST

* Possibly vaccine-resistant coronavirus variant identified in S.Africa

* Nifty 50 set for its worst week since late-January

* India issues advisory to all states for screening S.African arrivals

BENGALURU, Nov 26 (Reuters) - Indian shares tumbled as much as 2.5% on Friday, with the blue-chip Nifty 50 set for its worst week since late-January, as investors dumped risky assets after a new and possibly vaccine-resistant coronavirus variant was identified in South Africa.

The blue-chip NSE Nifty 50 index trimmed some losses to trade 2.02% lower at 17,183.60 by 0602 GMT, while the benchmark S&P BSE Sensex was down 2.02% at 57,614.16.

Both the indexes hit their lowest levels since Sept. 2 on Friday, while on a weekly basis, they are down more than 3% each.

Investors were spooked by concerns about fresh outbreaks and the impact on the global economy after scientists said the new variant may be able to evade immune responses.

Some nations moved swiftly to impose travel curbs from the nation, while India issued an advisory to all states to rigorously test and screen international travellers from South Africa and other "at risk" countries.

The developments knocked over broader markets in Asia, which saw their sharpest drop in three months.

"There is a fear of this new variant spreading to other countries which might again derail the global economy," said Hemang Jani, equity strategist at Motilal Oswal Financial Services.

Autos, banks, metals, energy and realty stocks were the worst hit, with the sub-indexes down between 3% and 5%.

The Nifty Pharma Index gained 2.50%. Cipla rose as much as 6.4% to a more than 7-month high, while Pfizer climbed to 5.7%.

Looking ahead, India's economic growth data is in focus, with a Reuters poll projecting that the country's economic recovery had strengthened in the previous quarter after pandemic-related mobility restrictions had eased. (Reporting by Vishwadha Chander and Chris Thomas in Bengaluru; editing by Uttaresh.V)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CIPLA LIMITED -1.14% 910.55 Delayed Quote.-2.39%
PFIZER LIMITED -0.77% 4891.7 End-of-day quote.-3.13%
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Financials
Sales 2022 215 B 2 889 M 2 889 M
Net income 2022 27 921 M 376 M 376 M
Net cash 2022 27 556 M 371 M 371 M
P/E ratio 2022 26,7x
Yield 2022 0,55%
Capitalization 735 B 9 924 M 9 898 M
EV / Sales 2022 3,30x
EV / Sales 2023 2,93x
Nbr of Employees 25 672
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Mean consensus BUY
Number of Analysts 36
Last Close Price 921,50 INR
Average target price 1 052,53 INR
Spread / Average Target 14,2%
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Managers and Directors
Umang Vohra Global Chief Executive Officer, MD & Director
Raju Mistry President & Global Chief People Officer
Kedar Upadhye Global Chief Financial Officer
Yusuf Khwaja Hamied Non-Executive Chairman
Jaideep A. Gogtay Global Chief Medical Officer