Pharma Stock Rally 5% Intraday To Hit Record High: Here’s Why

Sigachi Industries Ltd, a small-cap pharmaceutical company, began trading on the BSE today at Rs 72.66 a share and surged to reach an all-time high of Rs 74.90 in the morning sessions, recording a gain of 5% over the previous close. One of Dalal Street's multibagger stocks is Sigachi Industries, which has gone up by 150% in the last six months and 119% in the last year. But aside from being a multibagger stock, the pharmaceutical sector is probably going to be in the news the week after the announcement of the new IR agency's hiring.

"Pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, we would like to inform the exchange that the Company has appointed M/s. Go India Advisors LLP as its new Investor Relationship Agency for providing Investor Relations Advisory services to the Company," said Sigachi Industries in a regulatory filing on Tuesday.

The company has arranged an Earnings Call for Q3FY2023-24 results on Friday,19th January 2024 at 4:00 PM (IST).
"With reference to the subject cited, we would like to bring to your attention a correction in the intimation submitted on 11.01.2024 regarding the upcoming Board Meeting of Sigachi Industries Limited. In our previous communication, there was an inadvertent error stating that the board meeting would be held via video conference. We would like to clarify that the Meeting of the Board of Directors is scheduled to take place on Friday, the 19th day of January 2024, at 12:00 Noon.

The venue for the meeting is the Corporate Office of the Company, located at Plot No. G57/2, Industrial Park, Sulthanpur, Hyderabad502319. The agenda for the meeting includes the following: 1. Un-audited Financial Results for the quarter ended 31.12.2023. 2. Limited Review Report for the quarter ended 31.12.2023. 3. Any other business with the permission of the Chair," said Sigachi Industries in a regulatory filing.

The company's second-quarter net profit for the fiscal year 2023-24 climbed by over 11.30 per cent to Rs 15.12 crore, as reported in the exchange filing, compared to Q2FY23 net profit of Rs 13.58 crore. In comparison to the same time in the previous financial year, when total income was Rs 84.68 crore, Sigachi Industries Ltd recorded a YoY rise in the total income of 18.50 per cent or Rs 100.28 crore. The company's revenue from operations in the second quarter of the current fiscal year soared by more than 20% to Rs 9.18 crore, compared to Rs 82.47 crore in the same period of the previous fiscal year.