Cipla gains on partner's contract win

Shares in drugmaker Cipla  rise 1.4 percent after Cipla Medpro won a share in South Africa's USD 667 million contract, as it supplies the bulk of Cipla Medpro's drugs.

Dealers say the company may garner revenues of USD 30-40 million from Cipla Medpro's contract.

South Africa on Thursday awarded a USD 667 million contract to supply life-prolonging HIV medicine to 12 international and domestic firms, including Cipla Medpro, to deal with its biggest health problem.

Cipla also plans to offer USD 215 million for a majority stake in South Africa's Cipla Medpro to strengthen its presence in Africa's fast-growing market for cheap, generic versions of branded drugs.