1:10 Stock Split: Pharma Stock Under Rs 100 Hit Record High; Rally 300% From 1-Year Low

Sigachi Industries Ltd is a small-cap company in the pharma sector which opened higher on the BSE at Rs 85.15 apiece and rallied to a fresh 52-week-high of Rs 87.69 during the morning deals. The scrip reached a 52-week-low of Rs 22.00 on (29/03/2023) which means that the stock has rallied over 300% from its record low at the current market price of Rs 87.82 apiece.

Sigachi Industries in its corporate history has declared corporate actions like stock split only 1 time in a 1:10 ratio and for which it reached ex-split on 09/10/2023. In fact, the company has declared dividends for its shareholders 2 times to date in Rs 1 per share form and for the same the ex-date was 02 Aug 2022 and 31 Aug 2023.

In the Board Meeting held on 10.08.2023, the board considered the proposal for sub-division of 1 equity share of the company having face value of Rs.10/-each into 10 equity shares having face value of Re.1/-each. The same was approved in the AGM held on 07.09.2023.

Sigachi Industries released its Q3 results on January 20, 2024. It said that, compared to the net profit of Rs 9.82 crore in the same quarter the previous year, its consolidated net profit year on year (YoY) jumped by 64.05% to Rs 16.11 crore for the December 2023 quarter. It declared a rise in operating profit of 64% to Rs 23 crore. Consolidated revenue from operations for the pharmaceutical stock climbed 61.47% YoY to Rs 110.95 crore in Q3FY24 from Rs 68.85 crore in Q3FY23.

First and foremost among Indian manufacturers of consistent, high-quality Microcrystalline Cellulose Powder (MCC) for use by customers in India as well as in Asia, Australia, American Continent, Europe, and the Middle East is Sigachi. When it comes to food additives, nutra, and pharmaceutical excipients, Sigachi leads the industry. 1989 saw the incorporation of Sigachi.