Shares of this pharmaceutical stock under the ‘small-cap’ jumped around 2 percent in Tuesday’s trading session after the company successfully liquidated its strategic investment. Year-to-date, the company’s stock has gained over 35 percent for its stakeholders.
With a market capitalization of Rs 3,006.33 crores, the stocks of Unichem Laboratories Limited opened their trading hour on Tuesday at Rs 426.95 and closed at Rs 427, gaining 2 percent as compared to the previous closing levels of Rs 418.55 apiece.
The bullish stock price behavior was observed today after the company, via a recent regulatory filing with the Bombay Stock Exchange (BSE), provided an update on the sale of strategic investment in ‘Optimus Drugs Private Limited’ to Sekhmet Pharmaventures Private Limited.
The company, at the time of the original announcement, was expected to sell the balance of 4,918 equity shares representing a 0.02 percent stake. Regarding the same, the company has, now, provided an update that it has sold the said balance equity shares for an aggregate consideration of Rs 67.47 crores.
Incorporated in December 2003, Optimus Drugs is engaged in the business of developing, manufacturing, marketing, and distributing active pharmaceutical ingredients (APIs) and intermediates.
In the past three financial years, the turnover of Optimus Drugs increased consistently from Rs 1,025 crores, moving on to Rs 1,123 crores, and, then, marginally increasing to Rs 1,139 crores.
During the recent financial quarters, the operating revenues of the pharma company have marginally dipped from Rs 423.19 crores during Q1FY23-24 to Rs 415.63 crores during Q2FY23-24. In addition, the bottom-line numbers, during the same period, magnified their losses from Rs 67 lakhs to Rs 24.49 crores.
Unichem Laboratories Limited is a pharma company based in India that manufactures a wide range of Active Pharmaceutical Ingredients (APIs). The company’s products are offered in the areas of cardiology, gastroenterology, neurology, etc. Despite operations within and outside India, the majority of revenue comes from domestic operations.
Written by Amit Madnani
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