Smallcap stock jumps up to 7% after the company’s board approved to sell APL unit in Thane

On Friday this small-cap stock jumps more than 7% after the company’s board approved to sell APL unit. The stock has delivered 25% returns in six months. The company’s stock is currently trading above both its 200-day and 50-day moving averages. The stock price has been maintained at a high level by a strong and rising volume that is higher than usual when compared to the previous day and week. 

Sequent Scientific Ltd

The company Sequent Scientific Ltd., with a market capitalization of Rs. 2,342 Cr., is under the small-cap category. On Friday stock closed 4% up at Rs. 91.39 on BSE. 

According to the company filing, the Board of Directors at its meeting held on Thursday, approved to sale/Transfer of the company’s APL facility situated at plot Nos. 136,137,138,139,140,141,150,151 & W-152, at Thane, Maharashtra. Along with that, The company’s internal auditors were chosen by the board to be M/s. Grant Thornton Bharat LLP, Chartered Accountants.

As per the company filing, the total revenue of the company declined by 2.3% YoY from Rs. 342.20 Cr in Q1 FY23 to Rs. 334 Cr in Q1 FY24 and the company reported a net loss of Rs. 34.68 Cr in Q1 FY24 against loss of Rs. 15.32 Cr in Q1 FY23.

As of June 2023, promoters hold 59.79%, DIIs hold 2.91%, FIIs hold 6.27% and the Public hold a 38.03% stake in the company.

A pharmaceutical company called Sequent Scientific Ltd offers analytical and animal health services. It creates formulations and API products. The company’s product line contains items from several therapy groups, including nutrition, anthelmintics, antibiotics, and pain relievers. 

Written by Sheshadri N

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