Share price of this Pharma stock moved up by nearly 8.04 percent to Rs. 669.80 in the trading session of Wednesday, compared to its previous close of Rs. 619.95 on NSE, after the company announced a stock split.
With a market capitalisation of Rs. 677 crores, at 12:58 p.m. the shares of Balaxi Pharmaceuticals Ltd. were trading in the green at Rs. 644.95, up by 4.03 percent.
In the last one year, the company has delivered positive returns of about 19.66 percent and more than 40.25 percent of returns in the last six months. So far in 2024, it has given positive returns of around 47.84 percent.
According to recent regulatory filings with the NSE, the Board approved the proposal for the split of Equity Shares of Balaxi Pharmaceuticals at a 1:5 ratio.
This means that, 1 equity share with a face value of Rs. 10 each would be subdivided into 5 equity shares having a face value of Rs. 2 each, as per the filings on NSE.
The reason behind the split is to increase liquidity in the capital market, broaden the shareholder base, and make the shares more affordable to small investors.
The Board will decide the record date for the split of equity shares and will intimate it to the exchange.
In terms of financials, the company’s revenue from operations grew by nearly 10.9% QoQ from Rs. 55 crore in Q2 FY23-24 to Rs. 61 crore in Q3 FY23-24.
The net profit of the company for Q3 FY23-24 remained unchanged at Rs. 14 crore from the previous quarter. However, the net profit increased by 75% YoY, from Rs. 8 crore in Q3 FY22-23 to Rs. 14 crore in Q3 FY23-24.
With over 20 years of experience, Balaxi Pharmaceuticals is an IPR-based pharmaceutical company that focuses on frontier markets and has a diverse and growing portfolio of drugs across multiple therapeutic sectors.
Written by Shivani Singh
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