Cipla shares went up on Monday after the company has signed a definitive agreement to acquire a 51% stake in a pharmaceuticals manufacturing and distribution business in Yemen (in turn owned by a UAE based parent company).

Given the recent preference to local manufacturing, this secures company's presence in a fast growing market. Company already has a leading position in Yemen with over 200 products. The company will pay USD 21 million for this transaction, with additional considerations to be paid over the next 3 years on achievement of agreed milestones.

Shares of the company are trading at Rs 439.30, up Rs 2, or 0.46% at the Bombay Stock Exchange (BSE) on Monday at 9:39 a.m.

The scrip has touched an intra-day high of Rs 443.55 and low of Rs 439.50. The total volume of shares traded at the BSE is 87,009.