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Cipla reported a 2.6 per cent decline in its consolidated profit after tax to Rs 729 crore for the third quarter ended on December 31, 2021. An ET NOW poll of analysts had estimated the net profit at Rs 710 crore.

On the technical charts, the 200-day moving average of the stock stood at Rs 4238.17.

The company provided Rs 3,353.55 crore for the quarter down from Rs 5,175.99 crore

The Dow Jones Industrial Average rose 93.66 points, or 0.27 per cent, at the open to 34,261.75.

Total operating expenses rose 46 per cent to Rs 1,000 crore in December 2021

The lender, in which ace investor Rakesh Jhunjhunwala is an investor, said a fall in total provision and recovery from bad loans helped to log a more than two-fold rise in net profit at Rs 2,203 crore for the December quarter.

The zone of 17,200-17,300 remains a strong resistance zone for the markets

Revenue from operation grew 56 per cent to Rs 3,346 crore during the third quarter of this fiscal year from Rs 2,146 crore in the corresponding period of the previous year, PTI reported.

At the interbank foreign exchange market, the local currency opened at 75.18 against the greenback and witnessed an intra-day high of 75.07 and a low of 75.31 during the session.

“Ours is a deleveraging cum growth story which is not easy to pull off but we find that we are able to deliver on both fronts. Our cost of debt has moderated by 120 bps or 1.2% over the last nine months and we expect this to significantly fall going forward.”