Multibagger penny stock under Rs 60 with 200 per cent returns: Heavy buying witnessed in this pharma stock; PAT jumps over 240 per cent!
Shares of the company gained more than 10 per cent in the last six months.
Shares of Morepen Laboratories Limited gained more than 5 per cent on Friday. The stock also made a new 52-week high today. The stock has witnessed heavy buying activity from investors from the last few days.
Morepen Laboratories remains a debt-free leader in Home Diagnostics, point-of-care Medical Devices, and APIs. The company exports to 80 countries and boast a strong domestic presence with over 5,100 distributors and 328,000 retail touchpoints. The company experienced a significant jump in profitability and continues to innovate with over 150 patents filed and 249 Drug Master Files submitted. Morepen Labs plans to leverage its strengths in medical devices and APIs to maintain growth. This includes continued investment in R&D for new product development and expanding their global reach.
Morepen Laboratories Limited has posted strong Quarterly Results in Q4FY24. The revenue of the company stood at Rs 423.07 crore which grew by 16.33 per cent YoY. The operating profit of the company stood at Rs 52.62 crore, which grew by 181.69 per cent on a YoY basis, while the PAT of the company stood at Rs 28.74 crore, which increased by 248.73 per cent on a YoY basis.
Morepen Laboratories, established in 1984, is a leading player in the pharmaceutical and healthcare industry. Over the past four decades, Morepen has carved out a significant niche in the medical devices and Active Pharmaceutical Ingredients (API) segments. The company has consistently demonstrated strong performance and innovation, driving growth through strategic investments and market expansions. The shares of Morepen Laboratories Limited have also delivered multibagger returns of over 200 per cent in last five years.
The stock has shown impressive growth, and investors should keep a close eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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