Penny inventory Evexia Lifecare rose 3 per cent on Thursday, November 14 in an in any other case weak market.
Evexia Lifecare on Wednesday mentioned it has issued 24 crore convertible warrants on a selective foundation, following shareholder approval through the Extraordinary Normal Assembly held on October 23, 2024, and receiving in-principle approval from the Bombay Inventory Change on October 29, 2024. Every warrant was priced at ₹3.60, with this issuance not altering the corporate’s paid-up share capital.
Consistent with its strategic deal with enhancing its footprint within the pharmaceutical sector, Evexia Lifecare additionally not too long ago entered right into a draft funding settlement with DIPOned Analysis Worldwide Non-public Restricted to amass a 65 per cent fairness stake. This fairness funding will likely be executed by means of the issuance of preferential shares and quasi-capital, supporting Evexia’s diversification and market enlargement initiatives.
DIPOned, a up to date contract organisation specialising in drug discovery, improvement, and analysis companies, presents promising alternatives for Evexia’s progress within the pharmaceutical and healthcare sectors. The acquisition is anticipated to shut inside 60 days, contingent on the fulfilment of particular situations.
Inventory Value Development
The penny inventory rose as a lot as 3 per cent in intra-day offers to its day’s excessive of ₹4.05. The scrip is now simply 8 per cent away from its 52-week excessive of ₹4.4, hit earlier this month. In the meantime, it has surged over 161 per cent from its 52-week low of ₹1.55, recorded in December final 12 months.
The inventory has additionally given multibagger returns within the final one 12 months and year-to-date (YTD), rallying 134 per cent and 115 per cent, respectively.
It has declined over a per cent in November thus far, after 4 straight months of features. The inventory rose 6 per cent in October, 16.7 per cent in September, 12.3 per cent in August and 24.7 per cent in July.
Regardless of the inventory’s spectacular efficiency, market specialists advise buyers to be cautious. Penny shares like Evexia Lifecare are identified for his or her volatility, and sudden corrections may accompany the inventory’s speedy rise. The corporate’s potential to successfully utilise the brand new capital raised by means of the convertible warrants and the outcomes of upcoming regulatory approvals will likely be key to its long-term progress prospects. Traders ought to monitor the corporate’s board choices and fundraising strategies carefully.
Evexia Lifecare Restricted operates by means of its subsidiaries and trades numerous merchandise, together with chemical substances, edible oils, diamonds, gold, and plastic granules. The corporate additionally offers net and software program improvement companies and manufactures eBikes. Beforehand referred to as Kavit Industries Restricted, it rebranded as Evexia Lifecare in January 2021. Established in 1990, it’s headquartered in Vadodara, India.
Disclaimer: The views and suggestions above are these of particular person analysts or broking corporations, not Mint. We advise buyers to examine with licensed specialists earlier than making any funding choices.
