Promoters sold 44,46,000 shares of this penny stock under Rs 10; Board likely to announce bonus shares & stock split

The shares of the company have a PE of 20x whereas the industry PE is 35x, an ROE of 7 per cent and an ROCE of 9 per cent.

Dipna Pharmachem Ltd informed that a meeting of the Board of Directors of the Company will be held on Monday, May 06, 2024, at 2:00 P.M., at the Registered Office of the company situated at A/211, Siddhi Vinayak Complex, Near D.A.V. School, Makarba, Ahmedabad, Gujarat, India, 380055, to discuss and consider, inter-alia:

· The proposal to issue bonus equity shares to the existing equity shareholders of the company.

· The proposal for the sub-division of equity shares of the company.

· The proposal of raising funds by way of the issue of equity shares and/ or warrants on a preferential basis.

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Dipna Pharmachem Ltd, founded in 2011, is a company in India that trades and distributes various pharmaceutical ingredients like Active Pharmaceutical Ingredients (APIs) and Excipients (inactive ingredients that aid delivery), with a product range including over 61 APIs across categories like anti-bacterial and anti-inflammatory medications. The company has a market cap of Rs 21.78 crore.

On Friday, shares of Dipna Pharmachem Ltd plunged 0.44 per cent to Rs 9.06 per share from its previous closing of Rs 9.10 per share. The stock’s 52-week high is Rs 24.13 while its 52-week low is Rs 8.

The stock is trading at 0.99 times its book value and debtor days have improved from 139 to 104 days. As of March 2024, the promoters of the company sold 44,46,000 shares and decreased their stake to 9.98 per cent compared to 57.19 per cent in September 2023. The shares of the company have a PE of 20x whereas the industry PE is 35x, an ROE of 7 per cent and an ROCE of 9 per cent.  

Disclaimer: The article is for informational purposes only and not investment advice.