Home / Markets / Stock Markets /  Pharma stock announces 1:5 stock split, scrip rallies over 240% in 6 months

With a market valuation of 524.54 crore, Medico Remedies Ltd. is a small-cap company that engages in the pharmaceutical industry. The firm announced that the Board of Directors has considered and approved a 1:5 stock split.

Medico Remedies said in a stock exchange filing that “The Board considered the proposal for sub-division of 1 equity share of the Company having face value of 10/- each into 5 (Five) equity shares having face value of 2/- each, subject to regulatory/statutory approvals as may be required and the approval of the shareholders of the Company. Further, the Board recommended consequential amendments in the Capital Clause of the Memorandum of Association of the Company, subject to approval of the Shareholders of the Company. The record date for the sub-division of equity shares shall be decided by the Board and will be intimated to the exchanges."

Commenting regarding the rationale behind the split, the Board of Medico Remedies said the corporate action has been announced to enhance the liquidity in the capital market, to widen shareholder base and to make the shares more affordable to small investors.

The Board of Directors of Medico Remedies will meet on Friday, February 10, 2023, inter alia to consider and approve, unaudited financial results for the quarter and nine months ended 31st December, 2022 and any other business with the permission of the Chair.

The shares of Medico Remedies Limited closed today on the NSE at 310.80 apiece level, down by 0.70% from the previous close of 313.00. The stock recorded a total volume of 15,951 shares which is half compared to the 20-Day average volume of 35,023 shares. The stock has seen a multibagger return of 156% during the past year, but YTD, it has declined by 3.82% in 2023. The stock generated a multibagger return of 244% during the previous six months, but it has dropped 3.73% over the last month. The stock touched a 52-week-high of 346.85 on (09-Jan-2023) and a 52-week-low of 82.60 on (10-Aug-2022), indicating that at the current market price, the stock is trading 10.39% below the 1-year high and 276.27% above the 1 year low.

Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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