Sigachi Inds jumps after strong Q2 result

Sigachi Industries jumped 8.09% to Rs 441 after the company reported a 24.2% rise in consolidated net profit to Rs 9.86 crore in Q2 FY22 from Rs 7.93 crore reported in Q2 FY21.

Consolidated revenue from operations grew by 16.8% to Rs 57.19 crore in Q2 FY22 from Rs 48.94 crore registered in Q2 FY21. Profit before tax stood at Rs 12.76 crore in Q2 FY22, rising 31.6% from Rs 9.7 crore posted in Q2 FY21.

Shares of Sigachi Industries entered bourses on 15 November 2021. The scrip was listed at Rs 575, a premium of 252.76% to the issue price of Rs 163 a share. The initial public offer (IPO) of Sigachi Industries was subscribed 101.91 times. The issue opened for bidding on 1 November 2021 and it closed on 3 November 2021. The price band of the IPO was fixed at Rs 161-163 per share.

Sigachi Industries, incorporated in 1989, started its journey manufacturing chlorinated paraffin and hydrochloric acid in its manufacturing unit situated at Hyderabad. The company diversified its product portfolio in 1990 to manufacture microcrystalline cellulose (MCC). MCC 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. The major grades of MCC manufactured and marketed by the company are branded as HiCel and AceCel.

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