Everest Organics spurts as board to mull fund raising on Dec 10

Everest Organics soared 14.42% to Rs 169 after the company announced that its board of directors will meet on 10 December 2024 to consider and approve the proposal for fundraising and the appointment of an independent director.

According to the regulatory filing, the board will discuss and approve a proposal to raise funds through the preferential allotment of equity shares or other securities, subject to necessary approvals, including those from shareholders and regulatory authorities. Additionally, the board will consider the appointment of Narayana Rao as an Independent Director of the company.

The official announcement was made on Saturday, 07 December 2024.

The company is engaged in manufacturing of Active Pharmaceutical Ingredients and their intermediaries. The company commenced its commercial operations in the year 1993. It set up a plant at Aroor, Andhra Pradesh to manufacture bulk drugs and formulations. It came out with a public issue in Jan.'95 to part-finance the project.

The company's standalone net profit surged to Rs 74 lakh in Q2 FY25 as against Rs 3 lakh posted in Q2 FY24. However revenue from operations fell 10.9% YoY to Rs 44.05 crore in the quarter ended 30 September 2024.

As of 09 December 2024, the companys market capitalization stood at Rs 135.64 crore on the BSE.

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