Sigachi Ind Hit 52-Week-High As Sales Jump 8% To Rs 84.7 Cr in Q1, Board Declares Stock Split

Sigachi Industries has released its quarterly results for the April-June quarter of the current financial year. The company reported its net profit at Rs. 10.88 crore. Its net sales increased 8 per cent to Rs 84.7 crore in the quarter on YoY basis. The company's net sales in June 2022 quarter had stood at Rs 12.8.

The company in a filing said that the board has approved the sub-division/ stock split of existing 1 equity shares of face value of Rs 10 each fully paid up into 10 equity shares of Re 1 each fully paid up.

The record date for the purpose of sub-division of equity shares will be intimated to the exchanges subsequently, after the approval of the resolution for sub-division by the shareholders at AGM, it said.

The 34th Annual General Meeting of the company for the FY 2022-23 is scheduled to be held on Thursday, 7 September, 2023 at 11 AM through video-conferencing, it added.

Besides, the company's board also approved the allotment of 1,09,75,000 convertible warrants at an issue price of Rs 261 per warrant to promoters and non-promoters in aggregate.

Sigachi Industries also acquired 80 per cent stake in API manufacturing company, Trimax Bio Sciences, Raichur, Karnataka.

"The board has approved the acquisition of 2.88 crore equity shares of Rs 10 each constituting 80 per cent of paid-up equity share capital in Trimax Bio Sciences Private Ltd for Rs 100 crore and proposal for further acquisition of balance 20 per cent of the paid-up equity share capital of Trimax Bio Sciences Private Ltd after 3 years for a sum of Rs 25 crore or 8.5 times of EBITDA multiples, whichever is higher with purchasers' call option,'' the Hyderabad-based company said.

The filing added that the board has approved relocation of croscarmellose sodium (CCS) Project from Kurnool in Andhra Pradesh to Dahej in Gujarat. However, there will be no change in the specified object of manufacture of CCS and in the sum of the issue proceeds earmarked for the same towards the estimated cost of the project.

On Thursday, the shares of Sigachi Industries hit a fresh 52-week-high of Rs 364 during the afternoon deals and closed at Rs 344.50 with a downside gap of 1.66% over the previous close of Rs 350.30. The scrip had made a 52-week-low of Rs 220.00 (29/03/2023). During Q1FY24, the company recorded promoter shareholding of 48.49%, FIIs stake of 0.05% and public stake of 51.45%.