Pharma stock under Rs 65 is in the green as Board allots 52,52,190 equity shares to non-promoters post-stock split!
From Rs 35.03 per share (52-week low) to Rs 60.09 per share, the stock is up by 71.5 per cent and gave multibagger returns of 110 per cent in 2 years.
Today, shares of Sigachi Industries gained 0.81 per cent to Rs 60.09 per share from its previous closing of Rs 61.29. The company has a market cap of Rs 1,972 crore and has delivered good profit growth of 25 per cent CAGR over the last 5 years.
The company informed the Exchanges that the Board of Directors of Sigachi Industries Limited at its meeting held today, i.e. Friday, August 30, 2024; has considered and approved inter alia the following: Allotment of 52,52,190 equity shares (post stock split) of Re 1 each to non-promoters at an issue price of Rs 26.1 per share upon conversion of 52,52,190 (pre-split – 5,25,219) warrants into equity shares.
Sigachi Industries, a prominent pharmaceutical company, has introduced innovative film coatings and polymer blends, PureCoat and UltraMod, designed to enhance drug delivery and patient compliance. These new products tap into the expanding global pharmaceutical coatings market, projected to reach USD 1.62 billion by 2031. India, contributing around 15 per cent of the global market, presents a significant opportunity for Sigachi, which aims for a 16-18 per cent share of the Indian market within three years. The company's new offerings not only expand its product range but also leverage its expertise to address challenges in drug stability and bioavailability, promising to revolutionize the coatings industry and benefit both customers and patients.
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About the Company
Sigachi Industries Limited, publicly listed in NSE and BSE, is a globally recognized pharmaceutical company known for its unwavering commitment to delivering high-quality excipients, vitamin mineral nutrient blends, APIs, and O&M services. With over 33 years of industry experience, Sigachi has emerged as a trusted partner for pharmaceutical and nutraceutical companies spread across 62 countries. The company's diverse product portfolio is manufactured in 5 multilocational facilities present in Telangana, Gujarat and Karnataka which hold global standard certifications. Being headquartered in Hyderabad, Sigachi Industries Limited has subsidiaries in the US and UAE.
The company announced positive Quarterly Results (Q1FY25) and annual results (FY24) for the financial year 2024. According to quarterly results, revenue increased by 13 per cent to Rs 95.71 crore, PBT increased by 11.5 per cent to Rs 16.39 crore and PAT increased by 17.3 per cent to Rs 12.76 crore in Q1FY25 compared to Q1FY24. In its annual results, revenue increased by 32.1 per cent to Rs 398.96 crore PBT increased by 28.1 per cent to Rs 69.77 crore and PAT increased by 31.5 per cent to Rs 57.27 crore in FY24 compared to FY23.
The company ex-traded the stock split of equity shares from Rs 10 to Re 1 on October 09, 2023. From Rs 35.03 per share (52-week low) to Rs 60.09 per share, the stock is up by 71.5 per cent and gave multibagger returns of 110 per cent in 2 years. Investors should keep an eye on this Small-Cap pharma stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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