Multibagger Remedium Lifecare announces stock split, bonus issue of shares; check details

Shares of multibagger Remedium Lifecare Ltd are in focus today after the board of the API maker approved and recommended a bonus issue in the ratio 9:5. This means shareholders will get 9 equity shares of Rs. 10/- each fully paid up for every 5 equity shares of Rs. 10/- each fully paid up held as on the record date. The board also fixed the record date as Saturday, July 29, 2023 in order to determine the number of shareholders entitled for bonus equity shares. The company also announced  a stock split in the ratio of 1:2.  

In the last trading session on Friday, the shares of Remedium Lifecare rose up to 4.99% to a record high of Rs 3949.65 on BSE. The stock has zoomed 2700% this year and risen 17,686% in the last three years. Total 0.10 lakh shares of the firm changed hands amounting to a turnover of Rs 3.94 crore on BSE. Market cap of the firm rose to Rs 1418.29 crore. Later, the Remedium Lifecare stock ended 4.73% or Rs 178.10 higher at Rs 3939.70.  

In terms of technicals, the relative strength index (RSI) of Remedium Lifecare stock stands at 87.8 signaling it's strongly overbought. Remedium Lifecare stock has a one-year beta of -0.2, indicating very low volatility during the period. Remedium Lifecare shares are is trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.     

The board of the firm has considered, approved and recommended the split of stock in the ratio of 1:2. This means 1 (one) equity share of face value of Rs 10/- each will be subdivided/split into 2 (two) equity shares of face value of Rs. 5/- each. 

In the March quarter of last fiscal, Remedium Lifecare posted a loss of Rs 4.78 crore against a loss of Rs 1.16 crore during the quarter ended March 2022.  However, sales rose to Rs  Rs 75.58 crore in Q4 against Rs 40.29 crore during the quarter ended March 2022.      

For the fiscal ended March 2023, the firm reported a profit of Rs 5 crore against a profit of Rs 1 crore in the year ago period. Sales rose to Rs 510 crore in the last fiscal against Rs 505 crore for the fiscal ended March 2022.   

 About the company

Remedium Lifecare being a pharmaceutical company is aligned across two business verticals viz. products and services. Products business comprises trading and sale of APIs and intermediates to innovator and generic pharmaceutical players in both domestic and international markets including the regulated markets. 

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