Ami Organics shares gain on Morgan Stanley Asia’s purchase of 1.7% stake

The shares were bought by Morgan Stanley Asia at a price of Rs 1,250 each, taking the total transaction value to Rs 77.73 crore.

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Ami Organics shares were trading 2 percent higher in the morning trade on August 30 after Morgan Stanley Singapore picked up 1.7 percent stake in the pharma company.

At 10.15 am on the NSE, the Ami Organics stock was quoting at Rs 1331.30, up Rs 14, or 1.06 percent.

As per the bulk data published by the exchanges, Morgan Stanley Asia Singapore has bought 621,898 equity shares, or 1.7 percent in the company via open market transactions on July 29. The shares were bought at a price of Rs 1,250 each, taking the total transaction value to Rs 77.73 crore.

At the same time, high net worth investor Girishkumar Limbabhai Chovatia sold 6.25 lakh shares of the company, with each share priced at Rs 1,250.39, taking the total transaction value to Rs 78.14 crore.

The stock has a trailing P/E of 57.12x, making it second most expensive among its peers in absolute terms.

In its results for Q1FY24, the company reported an 8.65 percent year-on-year (YoY) increase in revenue from operations at Rs 142.35 crore. The net profit for the quarter stood at Rs 17 crore, up 13 percent YoY. Earnings before interest, taxes, depreciation and ammortisation (EBITDA) for the quarter grew 9.7 percent YoY at Rs 25.20 crore. Meanwhile, the EBITDA margins expanded by 20 basis points YoY to 17.7 percent.

Ami Organics is engaged in research, development, and manufacturing of advanced pharmaceutical intermediates, active pharmaceutical ingredients and specialty chemicals.

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