MARKET EYE-India's Cipla surges to record high on earnings
* Shares in Cipla gains as much as 4.06 percent to a record high after the drug maker reported a bigger-than-expected 62 percent surge in July-September net profit. * Despite the surge in share prices, Citigroup says on Tuesday it remains cautious, saying the earnings surprise were mainly driven by the generic version of anti-depressant drug Lexapro, whose exclusivity would tail off in the second half of the fiscal year. * Cipla had earlier given a revenue guidance of up to 12 percent for the current fiscal year, but Citigroup says the company management has now revised its topline growth to 15 percent or above in FY13. * Citigroup adds positives such as better product mix and upside from a weaker rupee appeared factored into estimates and valuations. * The bank raised its target price to 390 rupees from 360 rupees, but retained its 'neutral' rating. * Cipla shares advanced 2.8 percent to 390.90 rupees as of 0437 GMT (firstname.lastname@example.org)
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India's universal health plan that aims to offer guaranteed benefits to a sixth of the world's population will cost an estimated 1.6 trillion rupees ($26 billion) over the next four years, a senior health ministry official said. Full Article