Sigachi Industries shares surge 30% in 3 days ahead of board meet on fund-raising

The board meeting will take place to consider the proposal of raising funds by way of issue of equity or convertible warrants on preferential basis to promoters and non-promoters, subject to the receipt of necessary approvals/ permissions, the company said.

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Sigachi Industries (SIL) share price jumped over 8 percent in the morning session on January 9 ahead of its board meeting to consider a fund raising proposal.

The stock price spiked over 30 percent in the last three days. At 10:09am, Sigachi Industries was quoting at Rs 356.85, up Rs 27.50, or 8.35 percent, on the BSE. It touched an intraday high of Rs 358.00 and an intraday low of Rs 336.05.

“The meeting of the board of directors of SIL will be held on Tuesday to consider the proposal of raising funds by way of issue of equity or convertible warrants on preferential basis to promoters and non-promoters, subject to the receipt of necessary approvals/ permissions,” the company said.

Credit rating agency CARE recently reaffirmed Sigachi Industries ratings for long-term bank facilities to CARE A-, and long-term/short-term bank facilities to CARE A- and CARE A2.

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The company made a stock market debut on November 15, 2021. The company issued shares at issue price of Rs 163 per share. Earlier, the stock had hit a record high of Rs 648 on November 17, 2021, and later touched a record low of Rs 231.30 on June 21, 2022.

The company’s revenue grew 44 percent during the September quarter while net profit also reported a growth of 38 percent from last year.

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Sigachi Industries is engaged in manufacturing of Microcrystalline Cellulose (MCC) which is widely used as an excipient for finished dosages in the pharmaceutical industry. The company manufactures MCC of various grades ranging from 15 microns to 250 microns and the major grades of MCC manufactured and marketed by the company are branded as HiCel and AceCel.