Sequent Scientific shuts operation at Palghar plant; stock rises
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Nuvama Wealth in a note earlier this month termed the stock as a “turnaround story.”
Shares of Sequent Scientific rose about 1 percent to Rs 90 on July 17 even as the company said it has discontinued its manufacturing operations at its unit situated in Palghar, Maharashtra.
“We wish to inform you that the Company has discontinued its manufacturing operations at its unit situated at Plot No. W-136 to W-141, W-150 to W-152, MIDC Industrial Area, MIDC Road, Village Saravali, Boisar West, Tarapur, District Palghar, Maharashtra-401506,” the company said in an exchange filing on July 14.
In the filing, the company did not elaborate reasons behind shutting down its operations.
Sequent Scientific insisted that the said discontinuation of manufacturing operations will not impact the operations of the Company as the production will be absorbed by the Company’s units situated at other locations.
Nuvama Wealth in a note earlier this month termed the stock as a “turnaround story” despite the company having been dealing with several challenges. Its FY23 performance was severely hindered by a number of one-time events and operational challenges.
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“As a result of Project Pragati in the API business and the restructuring of manufacturing facilities, we anticipate a gradual increase in revenue and a widening of operating margin. Integration with Brazil-based Nourrie Saúde e Nutrição Animal is likely to aid revenue from emerging markets,” said Nikhil Shetty, an analyst with Nuvama Wealth.
“Carlyle’s involvement as a promoter will allow Sequent Scientific to leverage its global network, thereby accelerating business growth, enhance operations, and strengthening its product innovation capabilities. Given the factors above, we have a positive outlook on the stock,” he added.
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