The pharmaceuticals industry is once again in focus. After a very poor performance, the health of the sector has started improving. From the support level, the Nifty Pharma index has gained nearly 15 per cent in 4 months. According to leading brokerage firm MK, the sectoral index has given a breakout from the descending channel indicating continuation of the uptrend.
Amid fresh buying in the pharma sector and the overall market hitting record highs, Sigachi Industries has approved the issuance of 1.1 crore convertible warrants. It is known for Microcrystalline Cellulose (MCC) which is widely used as an excipient in medicine, food, nutraceuticals and cosmetics.
According to the exchange filing, the convertible warrants will be issued through preferential allotment at a price of Rs 261 each.
“The proposed warrants can be converted into equal number of equity shares of face value of Rs 10 each at an issue price of Rs 261 each on or before 18 months from the date of allotment of warrants,” the filing said.
The funds raised will be used to meet long-term working capital requirements.
Shares of Sigachi Industries made their stock market debut in November 2022. It had raised over Rs 125 crore from the issue. It operates out of three manufacturing units located at Hyderabad, Jhagadia and Dahej in Gujarat.
Its shares have given a return of 40 per cent in three months. The stock is up more than 90 per cent from its issue price of Rs 163.
Meanwhile, Sensex and Nifty touched their all-time highs on Friday driven by foreign fund inflows and a firm trend in global markets. Intense buying in index heavyweights Infosys, HDFC Twins, Reliance Industries and TCS further strengthened the sentiment.
Rising for the third day in a row, the 30-share BSE Sensex surged 803.14 points, or 1.26 per cent, to end at its lifetime high of 64,718.56. During the day, it rose 853.16 points, or 1.33 per cent, to its record intra-day peak of 64,768.58. The NSE Nifty closed at a record high of 19,189.05, up 216.95 points or 1.14 per cent. During the day, it rose 229.6 points, or 1.21 per cent, to its all-time intra-day peak of 19,201.70.