The share price of this pharmaceutical product manufacturer rose 3 percent to Rs 696 per share on Wednesday after a Foreign Institutional Investor bought a fresh stake in the company.
Strides Pharma Science Ltd is a small-cap stock, with a market capitalization of Rs 6,274 crore.
According to the exchange data, Singapore-based Foreign Institutional Investor Amansa Holding Private Ltd bought around 12,23,200 equity shares of the company at an average price of Rs 659.81 per share on BSE and 5,94,000 equity shares at an average price of Rs 659.41 per share via the open market.
The total value of shares bought by foreign funds in the company was Rs 119.87 crore.
Strides Pharma Science shares have gained 45 percent in the last six months and 86 percent in a year.
The company’s revenues have increased by 11 percent year on year from Rs 897 crore in Q2FY23 to Rs 999 crore in Q2FY24, while net profit has declined from Rs 19 crore to a loss of Rs 149 crore.
In FY 22-23, the company received 50 percent of its revenue from the US market, followed by 34 percent from Other Regulated Markets and 16 percent from emerging markets.
Strides Pharma Science Ltd is engaged in the business of development and manufacturing of pharmaceutical products. The company markets and sells its pharmaceutical products across 100 countries.
The company‘s management has planned to strengthen manufacturing network optimization and cash generation. Strides and Stelis combined a set a target for a debt reduction of Rs 500 crore in FY24.
In FY23, the company expanded into new regions, including Asia-Pacific, the Middle East and North Africa, and Latin America. The company has 7 manufacturing facilities.
As of the recent shareholding pattern, the company promoter holds a 27.79 percent stake in the company, while Foreign Institutional Investors hold a 17.25 percent stake and domestic Institutional investors hold a 19.50 percent stake.
At the time of writing this report, Strides Pharma Science Ltd shares were trading at Rs 682.80 per share, up 1.08 percent from the previous close price.
Written by Omkar Chitnis
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