Image Source : PTI Pharma major Sigachi declares preferential issue of equity shares as Sensex, Nifty scale fresh all-time highs
The pharmaceuticals industry is once again in focus. After considerable underperformance, the sector’s health has started to improve. From support level, the Nifty Pharma index has risen almost 15 per cent in 4 months. According to a leading brokerage firm Emkay, the sectoral index has given a breakout from the falling channel which is a bullish continuation sign.
Amid the fresh buying streak in the pharma space and overall markets hitting record highs, Sigachi Industries has approved to issue 1.1 crore convertible warrants. It is well known for microcrystalline cellulose (MCC) which is widely used as an excipient in pharmaceutical, food, nutraceuticals and cosmetics.
According to an exchange filing, the convertible warrants will is issued by way of preferential allotment at a price of Rs 261 apiece.
“The proposed warrants are liable to be converted into equal number of equity shares of face value of Rs 10 each, at an issue price of Rs 261 on or before 18 months from the date of allotment of warrants,” it said in the filing.
The funds raised will be utilized to support the long-term working capital requirements.
Sigachi Industries shares made Stock Market debut in November 202t. It had raised over Rs 125 crore from the issue. It carries out its operations from three manufacturing units situated at Hyderabad, Jhagadia, and Dahej in Gujarat.
Its shares have delivered a return of 40 per cent in three months. The stock is up over 90 per cent from the issue price of Rs 163.
Meanwhile, Sensex and Nifty on Friday have scaled fresh all-time closing highs, propelled by foreign fund inflows and a firm trend in the global markets. Intense buying in index heavyweights Infosys, HDFC twins, Reliance Industries and TCS further bolstered sentiment.
Rallying for the third straight day, the 30-share BSE Sensex jumped 803.14 points or 1.26 per cent to settle at its lifetime closing high of 64,718.56. During the day, it zoomed 853.16 points or 1.33 per cent to reach its record intra-day peak of 64,768.58. The NSE Nifty climbed 216.95 points or 1.14 per cent to end at a record high of 19,189.05. During the day, it rallied 229.6 points or 1.21 per cent to hit its all-time intra-day peak of 19,201.70.
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