Small Cap Stock Sigachi Industries To Consider Stock Split

The pharmaceutical industry is back in focus. After considerable underperformance, the sector is once again creating a buzz as Sensex and Nifty scale to new highs.

According to BSE, pharmaceuticals major Sigachi Industries has said that the board is likely to announce the sub-division of equity shares. Its board will meet on August 2 to consider the sub-division of equity shares of face value of Rs 10.

Sigachi Industries is a microcrystalline cellulose manufacturer. It made a bumper debut on the BSE and NSE on November 15, 2021, listing at a premium of more than 250 per cent over the issue price of Rs 163.

The Rs 125.43-crore IPO had seen an overwhelming response as it had received bids for 54,89,47,440 shares against 53,86,500 shares on offer.

The Hyderabad-based firm is engaged in the manufacturing of Microcrystalline Cellulose (MCC) which is widely used as an excipient for finished dosages in the pharmaceutical industry and has varied applications in food, nutraceuticals, and the cosmetic industries.
On Tuesday, the shares of Sigachi Industries opened on the BSE at Rs 304.10 apiece compared to the previous close of Rs 294.

The stock made a 52-week-high of Rs 359.00 on (09/01/2023) and a 52-week-low of Rs 220.00 on (29/03/2023), indicating that at the current market price of Rs 298.80, the stock is trading 35.81% above the 1 year low and 16.76% below the 1 year high. During Q1FY24, the company recorded promoter shareholding of 48.49%, FIIs stake of 0.05% and public stake of 51.45%.