Stock Market News: Sigachi Industries Stocks Touch 52-week As it Posts 11 Percent Rise in Q2 Profit

Stock Market News: Pharmaceutical industry company Sigachi Industries stocks on Wednesday hit 52-week high. The rally came after the company declared its result for the quarter that ended on September 30, 2023. The stock made a 52-week high of Rs 55.85 soon after the opening.
It was trading up by more than 3 per cent. The company has said that it reported a consolidated net sales of Rs 99.17 crore in during Q2FY24, up by more than 20 per cent on year-on-year basis from Rs 82.46 crore in Q2FY23. As per a regulatory filing, the net income rose to Rs 100.28 crore as compared to Rs 84.67 crore in the year-ago quarter or up by 18.43 per cent YoY. The consolidated net profit stood at Rs 15.11 crore, up by 11.34 per cent from Rs 13.57 crore YoY. The company posted net expenses of Rs 82.06 crore in quarter compared to Rs 69.45 crore posted in the corresponding quarter a year ago. In Q2FY24, the company said that it acquired 2,88,00,000 equity shares for Rs 10 each, making up 80 per cent of Trimax Bio Sciences Private Limited’s paid-up equity share capital.

As of August 1, 2023, the total acquisition was Rs 100 crore. Sigachi Industries is a pharmaceutical small-cap firm. It is a reputable producer of reliable, high-quality microcrystalline cellulose powder in India. It is a market leader in the supply of food additives, pharmaceutical excipients, and nutra. Sigachi Industries is among the largest manufacturers of microcrystalline cellulose in the world, with operations in Europe, the Middle East, Asia, Australia, and the American Continent.

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