Pharma Stock Below Rs 2 Rallies As Board Sets Record Date For 1:2 Stock Split

Earum Pharmaceuticals is a micro cap pharma company that has a market cap of Rs 25 Cr. The stock opened today on the BSE at Rs 1.01 and gained 2.00% over the previous close of Rs 1. The rally in the stock price was witnessed after the Board of Directors of the company fixed record date for stock split.

"Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has fixed Thursday, 5th October, 2023 as the Record Date, for the purpose of ascertaining the eligibility of shareholders entitled for Sub-division/Split of 1 (One) Equity share of the Company having face value of Rs. 2/- (Rupees Two Only) each into 2 (Two) Equity shares having face value of Re. 1/- (Rupee One Only) each," said Earum Pharmaceuticals in a stock exchange filing.

The company recorded a revenue of Rs 1.71 Cr in the June 2023 quarter compared to Rs 1.53 Cr in the March 2023 quarter. It reported a net loss of Rs 0.28 Cr in Q1FY24 compared to a net profit of Rs 0.26 Cr in Q4FY23. In FY23, the company reported a net revenue of Rs 14.09 Cr and a PAT of Rs 1.98 Cr.

The stock made a 52-week-high of Rs 3.21 on (27/12/2022) and a 52-week-low of Rs 1.00 on (18/08/2023), indicating that at the current market price, the stock is trading 214.70% above the 1-year low and 1.96% below the 1 year high. In the June 2023 quarter, the company recorded a 100% public shareholding as per BSE.