60% Gain From 52W Low, Pharma Stock Sets Record Date For 1:10 Stock Split

Sigachi Industries is a small-cap company dealing in the pharma sector. In the fields of pharmaceutical excipients, nutritional supplements, and food elements Sigachi is the market leader. With operations in India and across Asia, Australia, the American Continent, Europe, and the Middle East, it is one of the largest manufacturers of microcrystalline cellulose in the world.

"This is to inform the Exchanges that the Board of Directors in its meeting held on 09.09.2023 has fixed 09.10.2023 as Record date for the purpose of Stock Split of existing 1 equity share of face value of Rs. 10/- each into 10 equity shares of the face value of Re. 1/- each," said Sigachi Industries in a stock exchange filing on Saturday.

The stock having a face value of Rs. 10 would be divided into 10 shares with a face value of Rs. 1, according to a stock split decision made by the board of directors of the small-cap firm.

On a consolidated basis, the firm recorded net sales of Rs. 84.70 crore in the June 2023 quarter, which is a rise of 8.16% from Rs. 78.31 crore in the corresponding quarter in the previous year. Its net profit was Rs. 10.88 crore in the first quarter of FY24, down 15.14% from Rs. 12.82 crore in the same period of FY23, while its EBITDA was Rs. 17.94 crore, up 0.34% from Rs. 17.88 crore in Q1FY23. From Rs. 4.17 in June 2022 to Rs. 3.54 in June 2023, Sigachi Ind's EPS has dropped.

On Friday, the shares of Sigachi Industries closed on the BSE at Rs 353.85 apiece down by 2.25% from the previous close of Rs 362. The stock made a 52-week-high of Rs 390.00 on (28/08/2023) and a 52-week-low of Rs 220.00 on (29/03/2023), indicating that at the current market price, the stock is trading 60.84% above the 1-year low and 9.26% below the 1 year high. During Q1FY24, Sigachi Industries reported promoters shareholding of 48.49%, FIIs stake of 0.05% and public stake of 51.45%.