Shares of this small-cap stock engaged in the “Pharmaceuticals” sector surged around 8 percent after the company intimated a date for a Board Meeting to consider the Buyback of equity shares. Year-to-date, the company’s scrip has gained 35 percent from Rs 275.10 to the current price level.
With a market capitalization of Rs 6,200 crores, the stocks of FDC Limited started their trading session on Thursday at Rs 345 and currently trade at Rs 371, a gain of around 8 percent as compared to the previous closing levels of Rs 343 apiece. Moreover, the stock recorded its fresh 52-week high today at a price of Rs 378.45.
The surge in stock prices today is observed after the company, in a filing with the BSE, intimated about a Board Meeting that is going to be held on 9th August, 2023 for the purpose of considering and approving the Buyback of fully paid-up equity shares of the company.
Having a glance at the consolidated financials of the company, the operating revenues and after-tax profits showed opposing movements in numbers with the former moving up from Rs 1,527 crores during FY21-22 to Rs 1,783 crores during FY22-23, and, the latter moving down from Rs 216 crores to Rs 193 crores.
According to the shareholding data available for the June 2023 quarter, the Promoters hold a 69.5 percent stake, and, the Foreign Institutional Investors (FIIs) hold a 2.06 percent stake in the company.
FDC Limited is a pharmaceutical company based in India having a presence in numerous therapeutic segments, some of which include Vitamins/Minerals/Nutrients, Anti-infectives, Cardiac, etc. The company’s sells its products under the brand names of Enerzal, Cotaryl, etc. The company generates most of its sales from domestic operations within India.
Written by Amit Madnani
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