Business Business: Due to a sharp decline in the stock market, some stocks registered sharp gains on Wednesday. One of these stocks is of Amy Organics. On Wednesday, the company’s shares rose 9 per cent to a new high of Rs 1,987.40 on the BSE in intraday trade. The stock is up 96 per cent from its June low of Rs 1,014 on the BSE. Shares of Amy Organics have been on a rise in recent days. This rise comes after the excellent quarterly results of the September quarter. Shares of this pharmaceutical company climbed 32 per cent in three days. Let us tell you that the company’s profit has increased 155 per cent year-on-year to Rs 37.6 crore. The company had earned a profit of Rs 14,700 crore a year ago. Revenue in the September quarter grew 43 per cent year-on-year to Rs 246.73 crore from Rs 172.36 crore in the second quarter of FY24. The company’s EBITDA nearly doubled to Rs 48.9 billion from Rs 24.8 billion in the year-ago quarter. Meanwhile, EBITDA margin expanded 540 points year-on-year to 19.8 per cent.
Shareholding pattern data on stock exchanges shows that veteran investor Ashish Kacholia held a majority stake in Ami Organics at the end of the September 2024 quarter. This means 7,54,974 shares or 1.84 per cent stake.
Based on the current order book, the management has raised its sales growth forecast for FY2025 to 30 per cent from 25 per cent. The company is a leading global manufacturer of high-quality pharmaceutical intermediates and specialty chemicals. The company’s pharmaceutical intermediates are used in several fast-growing therapeutic areas, including antidepressants, anticancer drugs, antiretrovirals, antiparkinsonian drugs, and others.
Analysts at foreign brokerage firm JM Financial Institutional Securities have set the target price of the stock at Rs 2,055 per share. Apart from this, the broker advised to buy the stock.
