JPMorgan has given Cipla an ‘overweight’ rating with a target of Rs 1,210 per share. The company has not commented on the nature of 8 observations received from USFDA for Pithampur plant.

The said plant is one of Cipla’s key manufacturing facilities, along with the Goa and Invagen plant in the US. Advair, one of Cipla’s complex launches, is filed from the Pithampur plant.

JPMorgan will be closely monitoring any potential impact on launch timelines, However, forecasted the Advair launch in 1QFY24, and it is expected to contribute 5-6 percent to overall EPS in FY24/25.

Cipla was quoting at Rs 962.95, down Rs 62.85, or 6.13 percent on the BSE.Benchmark indices were trading lower with Nifty below 17,900.

The Sensex was down 137.48 points or 0.23% at 60,865.09, and the Nifty was down 53.10 points or 0.30% at 17,891.10. About 1397 shares have advanced, 1838 shares declined, and 154 shares are unchanged.

CRISIL has recorded 6.3% year-on-year decline in consolidated profit at Rs 158.02 crore for quarter ended December 2022 due to high base.

In Q4CY22, the profit was inflated by exceptional gain of Rs 45.82 crore due to profit on sale of immovable property.

Consolidated revenue from operations grew by 16.5% YoY to Rs 822.3 crore for the quarter. At the operating level, EBITDA grew by 12.3% YoY to Rs 216.2 crore but margin fell 98 bps YoY due to higher employee cost and other expenses.

Seacoast Shipping Services has signed a new business contract with Maria Shipping Fze., Dubai.The contract is for providing the Shipping and Logistic Services at Dubai and will be effective from April 1st, 2023 for a period of one year and can be renewed further.Seacoast Shipping Services was quoting at Rs 3.49, up Rs 0.08, or 2.35 percent on the BSE.