On April 12, Pharmaceutical major Cipla shares plunged 1.5% higher in early trade after a large deal, including the exchange of 12.56 lakh shares or 0.16% company’s stake taking place on the bourses. Besides, hopes of improved sales predictions amid an increase in COVID-19 cases also aided sentiment.

The deal was executed at an average of Rs 915 per share, taking the aggregate deal value to Rs 114.96 crore. The buyers and sellers involved in the trade could not be identified immediately.

At 9:59 am, Cipla shares traded around 1% higher at Rs 914.15 on the NSE. After the large deal, the stock had mounted to an intraday high of Rs 920.90 per share. Besides, 16 lakh shares have exchanged hands against the one-month daily traded average of 8 lakh shares.

As per the company’s shareholding data for the December quarter, SBI Arbitrage Opportunities Fund, UTI, GQG Partners Emerging Market Fund, HDFC Mutual Fund, LIC, Government Pension Fund Global, Government of Singapore, and NPS Trust are the major institutional companies holding a stake in the pharmaceutical major.

On Monday, the Mumbai-based company was in the news after it contracted a perpetual license agreement with Novartis Pharma AG to produce and market the Galvus range to cure type 2 diabetes.

The drug firm specified that this contract would strengthen Cipla’s position in India’s diabetes category. According to the drugmaker, Galvus is of the prominent brands in the oral diabetic medication category and the top brand in the Dipeptidyl Peptidase-4 (DPP4) space.