Shilpa Medicare continues to rally for second day, settles over 15% higher

The stock on February 15 hit the lowest level since September 4, 2019.

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Shilpa Medicare shares posted a smart rally for yet another session on February 17 despite the subdued mood at Dalal Street. The Nifty50 itself fell more than 100 points.

The stock climbed 15.5 percent to close at Rs 298 on the NSE, followed by an 8 percent rally in the previous session. The stock on February 15 hit the lowest level since September 4, 2019, followed by the current two-day rally.

The northward journey in share price is largely attributed to the successful registration of its Bengaluru facility with the Ministry of Health of the United Arab Emirates which opens the door for the commercialisation of products in UAE.

“Bengaluru facility, Unit VI, for manufacture and testing of orodispersible films and transdermal systems has been successfully registered with Ministry of Health, United Arab Emirates. This registration enables us to register the products (orodispersible films and transdermal systems) in UAE for commercialization,” Shilpa Medicare said in its filing to exchanges on February 16.

The facility is involved in the manufacturing and testing of specialised dosage forms and is backed up by strong research & development of orodispersible films and transdermal technologies.

The facility, which has already been issued GMP (good manufacturing practice) by UK MHRA, also manufactures dietary supplements in orodispersible films. Additionally, it was registered with the US FDA Food Facility registry and is actively exporting dietary supplements to the US market.

Meanwhile, the quarterly numbers announced by the company a couple of days back before this UAE approval were disappointing. Shilpa Medicare posted a consolidated loss of Rs 6.6 crore for the quarter ended December FY23 against a profit of Rs 9.56 crore in the same period last year, dented by lower revenue, operating margin and higher finance cost.

The pharma company reported a 3.6 percent year-on-year decline in consolidated revenue at Rs 262.5 crore for the quarter. On the operating front, EBITDA (earnings before interest, tax, depreciation and amortisation) fell by 30.6 percent to Rs 31.3 crore with a margin contraction of 463 bps at 11.92 percent compared to the corresponding period of the last fiscal.

Technical View

On the technical front, the stock has formed a bullish candlestick pattern on the daily charts for the second straight day, with significantly higher volumes. Further, it has been making higher high higher low formations, supporting the sentiment.

With Friday’s run, it has topped the 50-day EMA (exponential moving average – Rs 267), as well as the 100-day EMA (around Rs 294). Besides, it traded above all short-term key moving averages (5, 9 and 21-day EMA).

In fact, with the current rally, it has decisively broken almost a month of consolidation range with great volumes, indicating a positive mood among participants.