Pharma Stock Remedium Lifecare Hits Upper Circuit After Share Split; Check Details

Share of Pharma company, Remedium Lifecare is in focus on account of ex-date for stock split or sub-division. The counter opened at Rs 132.95 with the adjustment of a split in the ratio of 5:1.

The stock went on to hit the day's upper circuit at Rs 142.30. Recently, its board had earlier approved the sub-division of shares in the ratio of 5:1, meaning each stock having a face value will be split into five equity shares of Re 1 each.

The company had said in an exchange filing that "Sub-division of Face Value of Equity Shares from Rs 5 each to Face Value of Re 1 each". The company has set February 23 as the record date for determining the eligibility of shareholders' participation in the split.

Along with this, the company has informed that the board will meet on March 7 to consider the acquisition of a manufacturing facility near Hyderabad, producing intermediates for the pharmaceutical industry.

Remedium Lifecare shares have given a 55 per cent return in just two weeks. In the last year, the shares have zoomed a massive 1592 per cent.

Recently, the company announced its Q3FY24 results and reported net sales at Rs 1,834.18 crore in Q3FY24 up 939.33% from Rs. 176.48 crore in Q3FY23. Quarterly net profit at Rs. 68.78 crore in Q3FY24 up 4419.81% from Rs. 1.52 crore in Q3FY23.

Remedium Lifecare being a pharmaceutical company is aligned across two business verticals viz. products and services. Product business comprises trading and sale of APIs and intermediates to innovator and generic pharmaceutical players in both domestic and international markets including the regulated markets.