Multibagger stock sets record date for 1:5 stock split, up 321% from 52-week-low
A small-cap company with a market valuation of ₹579.39 Cr, Medico Remedies Ltd operates in the pharmaceutical industry. An organisation that manufactures pharmaceutical formulations and specialises in anti-infective Beta-Lactums is Medico Remedies. In the previous month, the company announced that the Board of Directors had considered and approved a 1:5 stock split. The record date for this purpose has been announced based on a meeting held by the company’s board of directors today, March 4, 2023.
“We would like to inform to the exchange that Board of the Directors of the Company have fixed Thursday, 16th March, 2023 as the “Record Date” for ascertaining eligibility of shareholders entitled for corporate action of – 1. Sub-division/split of 1 (One) equity shares of face value Rs. 10/- (Rupees Ten Only) each fully paid up into 5 (Five) equity shares of Rs. 2/- (Rupees Two Only) each fully paid up,” said Medico Remedies in a stock exchange filing today.
During Q3FY23, the company recorded revenue from operations of ₹38.85 Cr, up by 29% YoY from ₹30.14 Cr recorded in Q3FY22. The company recorded net expenses of ₹36.40 Cr in the quarter ended December 2022 compared to ₹28.86 Cr recorded in the quarter ended December 2021. Medico Remedies said its net profit reached ₹2.25 Cr in Q3FY23, up by 122.77% YoY from ₹1.01 Cr recorded in Q3FY22, whereas EPS of Medico Remedies stood at ₹1.36 in Q3FY23 compared to ₹0.61 recorded in the same quarter last financial year.
The shares of Medico Remedies closed on Friday at ₹348.05 apiece level on the NSE, after making a new 52-week-high level of ₹352.50. The stock recorded a net volume average of 1,53,636 shares compared to the 20-Day volume average of 61,964 shares. The stock climbed from a price of ₹121 per share to the current market price during the course of the past year, resulting in a multibagger return of 187.64%. The stock went up from ₹100.65 to the current market price in the previous six months, registering a multibagger return of 245.80%. It has gained 7.71% YTD so far in 2023. The stock touched a 52-week-low of ₹82.60 on (10-Aug-2022), indicating that after marking a fresh 1-year high level on Friday, the stock was seen trading 321.36% above the 1 year low. During Q3FY23, the company recorded a promoter shareholding of 73.34% and a public stake of 26.66%.
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