Multibagger Update: This micro-cap pharma stock locked at 5 per cent upper circuit on securing multiple contracts!

Over the last 1 year and year to date, the stock has gained 165.19 per cent and 17.96 per cent, respectively. 

Shares of Fredun Pharmaceuticals are on a phenomenal roll. A solid price volume break out was witnessed in the counter today. The scrip has locked at 5 per cent upper circuit during early market hours to record an intra-day high of Rs 1,280.05 per share on BSE today.   

Over the last 1 year and year to date, the stock has gained 165.19 per cent and 17.96 per cent, respectively.    

Fredun Pharmaceuticals has signed two large contracts for Pharma and DC Granules. The company received a one-year contract worth Rs 65 crore from a Southeast Asian country for pharma exports. This contract is part of a much larger multiple-year contract and will be continued upon successful execution post first year.   

The company further signed a contract for specialized DC granules for various therapeutic end uses. The annual contract is worth Rs 25 crore and has the potential to go up to Rs 40 crore from second year onwards. These DC Granules will be exported as well as supplied to local companies across India.

Revenues from both contracts would commence from Q4FY23.

To quote, Fredun Medhora, Managing Director of Fredun Pharmaceuticals from a filing with the exchange, “ These contract wins are an important step in taking Fredun Pharmaceuticals to the next level. This reflects our capabilities that can be leveraged to further fuel growth for the company.”    

Fredun Pharmaceuticals Limited is engaged in the manufacturing of various pharmaceutical formulations for pharma companies in India and across Africa, South-East Asia and CIS countries and Latin America. It is also in the business of healthcare and aims to be a holistic healthcare provider.  

It primarily offers various generic pharma products across various therapeutic segments such as anti-bacterial, anti-malarial, anti-fungal, cardiovascular, nephrology, dietary supplements, etc.  

Watch out for this trending micro-cap pharma stock in the coming sessions!