Pharma Stock engaged in the business of manufacturing, producing, developing, and marketing a wide range of APIs, branded and generic formulations and many more jumped 3 percent in the day’s trade after its board approved raising funds of up to Rs. 350 Crores.
With a market capitalization of Rs. 2,738, the shares of Morepen Laboratories Limited were trading at Rs. 53.55, up 0.85 percent from its previous day’s close price of Rs. 53.10. It has delivered multibagger returns of 107 percent in a year.
The board of directors of Morepen Laboratories Limited has approved raising funds for an aggregate amount not exceeding Rs. 350 Crores by way of issuance of equity shares, convertible preference shares, or any other securities through one or more qualified institution placements.
Morepen Laboratories Limited is engaged in the business of manufacturing, developing, and marketing a wide range of Active Pharmaceutical Ingredients (APIs), branded and generic formulations, medical devices, Home Health products, and many more.
As of March 2023, Morepen Laboratories Limited generates 60 percent of its sales revenue from API, 23 percent from Diagnostics, 10 percent from formulations, and 7 percent from Over-the-counter.
Its revenue from operations grew by 27.87 percent from Rs. 348 Crores in Q3FY23 to Rs. 445 Crores in Q3FY24, accompanied by increasing profits of Rs. 9 Crores to Rs. 32 Crores.
According to the latest shareholding data available for the quarter ended December 2023, the company’s Promoters hold 38.22 percent stake, the Foreign Institutional Investors (FII) hold 2.11 percent, and the Domestic Institutional Investors hold 2.21 percent.
Written by: Bharath K.S
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