Shivalik Rasayan stock skyrockets over 14% on USFDA nod for API facility: Shivalik Rasayan ltd share price
Source: Business Standard
Illustration: Binay Sinha
Shivalik Rasayan ltd (SRL) share price jumped 14.5 per cent at Rs 648.90 per share on the BSE. Shares of the company skyrocketed after it announced the approval of its API facility located in Dahej, Gujarat by the United States Food and Drugs Administration.
USFDA gave its nod based on an inspection concluded on April 09, 2024 and the US regulator released establishment inspection report (EIR).
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Following its acquisition of Medicamen Biotech, SRL has expanded into the pharmaceutical chemistry segment. With a Research and Development Centre, SRL is now developing both Oncology and Non-Oncology active pharmaceutical ingredients and their finished dosage forms. Additionally, the company commissioned a new Agro & Specialty Chemical plant at Dahej-III in April 2023.
In 2016, the company acquired 44.12 per cent equity shares in Medicamen Biotech Limited under a share purchase agreement with the company’s promoters, taking full management control on January 1, 2016. In 2022, the company purchased an additional 21,000 equity shares of its associate, increasing its stake to 41.96 per cent.
Financial pulse Q1
Shivalik Rasayan reported a 16 per cent increase in revenue year-on-year, reaching Rs 75.27 crore in Q1FY25, with a quarterly growth of 3.49 per cent over the past three months.
However, net profit fell by 15.79 per cent compared to the same period last year, totaling Rs 3.52 crore in Q1FY25, though it experienced a 2.33 per cent increase quarter-on-quarter.
Share price history
The company has a total market capitalization of Rs 961.01 crore. Its shares are trading at price to earnings valuation of 96.70 times, while having an earning per share of Rs 5.86.
At 1:36 PM, the stock price of the company was up 8.21 per cent to Rs 612.80 a piece on the BSE. By comparison, the BSE’s Sensex was down 1.97 per cent at 82,609.06
level.
First Published: Oct 03 2024 | 1:42 PM IST
