Remedium Lifecare share price was locked at 5% upper circuit after the company announced that its board of directors will consider foreign currency bonds issue and acquisition of a company next month. The penny stock jumped to ₹10.40 apiece on the BSE.
The meeting of the Board of Directors of the Company is scheduled to be held on Tuesday, 3 September, 2024, at 01:00 PM, Remedium Lifecare said in a stock exchange filing.
The board of the pharma company will consider acquisition of Airowater Global Trading LLC, UAE, which is into Water Injectables for Pharma Production.
It will also consider issuing of Foreign Currency Convertible Bonds (FCCBs) and any other business with the permission of the Chair, the company added.
Last month, Remedium Lifecare entered into a strategic agreement with Angel Partners, Ltd., UK, effective July 29, 2024, to acquire technology for manufacturing lithium carbonate in India. It also signed an annual Supply Agreement with Alfa Chemicals and Solvents Ltd., Turkey, effective the same date.
Supplies of technical-grade lithium carbonate will commence in the January-March 2025 quarter. The supplies for CY 2025 are valued at $20-25 million, Remedium Lifecare said.
In the first quarter of FY25, Remedium Lifecare reported a net profit of ₹1.64 crore, registering a significant drop of over 68% from ₹5.25 crore in the year-ago quarter. The company’s sales in Q1FY25 fell 76.5% to ₹77.7 crore from ₹330.46 crore, YoY.
The company had also announced a bonus share issue at a 3:1 ratio this year, with the record date of July 6, 2024.
Remedium Lifecare Share Price History
Remedium Lifecare is a penny stock trading at ₹10.40 apiece on the BSE. Remedium Lifecare shares saw two stock splits and two bonus issues since July 2023. Remedium Lifecare shares were split in the ratio of 10:5 in September 2023, and then again in February 2024 in the ratio of 5:1.
In July 2023, Remedium Lifecare issued bonus shares in the ratio of 9:5. Another Remedium Lifecare bonus issue at 3:1 was in July 2024.
At 1:50 pm, Remedium Lifecare shares were still locked at 5% upper circuit of ₹10.40 apiece on the BSE.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Reference :
Reference link
