Wockhardt Ltd Share Price – NSE  /  BSE

Pharmaceuticals, Small Cap

The issue opened on Wednesday, 20 March 2024 and concluded on Tuesday, 26 March 2024, with a total of 92,85,163 equity shares being allotted. The shares were priced at Rs 517 per share, resulting in an issue size of approximately Rs 480 crore.

The issue price of Rs 517 is at a discount of Rs 27.02 or 4.97%, to the floor price of Rs 544.02 per equity share set for the QIP issue.

The QIP witnessed participation from various institutional investors, with the allottees receiving more than 5% of the total issue size.

ICICI Prudential's multiple funds emerged as the largest allottee, securing a substantial 20.83% allocation. Following closely behind, Tata Indian Opportunities Fund and Prashant Jain's 3P India Equity Fund securing 14.58% and 16.04% respectively. Mirae Asset's multiple Funds received allocation of 9.37%.

Madhusudan Kela's Cohesion Mk Best Ideas Sub-Trust and Invesco India Smallcap Fund received allocation of 6.25% each, while Gagandeep Credit Capital and Subhkam Ventures I received allocation of 5.46% and 5.38% respectively.

In July, 2023, the company’s board approved a related party transaction to avail loans from promoter, Khorakiwala Holdings and Investments Private Ltd worth Rs 1,600 crore. However, the proposal was rejected by the company’s shareholders during its AGM in August 2023.

However the shareholders had authorized the company’s board to raise up to Rs 1,600 crore through QIP or the issue of other eligible securities.

As per the shareholding pattern in December 2023, the promoters of Wockhardt held a 54.93% stake in the company.

Wockhardt is a global pharmaceutical and biotechnology company engaged into developing, manufacturing and marketing of finished dosage and biopharmaceutical formulations, active pharmaceutical ingredients (APIs) and vaccines.

The pharma company reported a consolidated net loss of Rs 83 crore in Q3 FY24 as compared with net loss of Rs 96 crore posted in Q3 FY23. Total revenue stood at Rs 701 crore in Q3 FY24, rose marginally 0.3% year on year.

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The key equity benchmarks traded with substantial gains in the mid-afternoon trade. The Nifty above the 22,000 level in mid-morning trade. Media shares advanced after declining for the two consecutive trading sessions.

At 14:27 IST, the barometer index, the S&P BSE Sensex, was up 535.99 points or 0.74% to 72,633.41. The Nifty 50 index gained 170.15 points or 0.78% to 22,009.25.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 1.99% and the S&P BSE Small-Cap index gained 2.03%.

The market breadth was strong. On the BSE, 2,797 shares rose and 968 shares fell. A total of 117 shares were unchanged.

Economy:

The HSBC Flash India composite PMI rose to 61.3 in March as compared with 60.6 in February. It indicated a sharp rate of expansion that was the strongest since July 2023.

The data showed the strongest increase in private sector output for eight months during March, amid a pick-up in growth at goods producers. Buoyant demand conditions fuelled growth, with aggregate sales rising at a sharp and accelerated pace. The manufacturing industry led the upturn with the fastest expansions in factory orders and production in nearly three-and-a-half years.

Pranjul Bhandari, Chief India Economist at HSBC, said, “Led by the strongest manufacturing output in nearly three-and-a-half years, the composite output index rose quickly. New orders rose at a faster pace than in the previous month, and within that both domestic and export orders showed improved vigour. Input prices grew at a faster pace in March, and all the increase was not passed on to output prices, leading to some softening in composite margins.”

Buzzing Index:

The Nifty Media Index gained 1.77% to 1,826.70. The index declined 2.63% in the two trading session.

Dish TV India (up 3.6%), PVR Inox (up 3.26%), Sun TV Network (up 2.9%), Hathway Cable & Datacom (up 2.58%) and TV18 Broadcast (up 1.57%) were the top gainers.

Among the other gainers were Nazara Technologies (up 1.5%), D B Corp (up 1.28%), Network 18 Media & Investments (up 0.93%), Zee Entertainment Enterprises (up 0.64%).

Numbers to Track:

The yield on India's 10-year benchmark federal paper fell 0.48% to 7.063 as compared with the previous close of 7.095.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.1375, compared with its close of 83.1900 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement gained 1.44% to Rs 66,699.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.24% to 103.59.

The United States 10-year bond yield declined 0.45% to 4.250.

In the commodities market, Brent crude for May 2024 settlement added 34 cents or 0.40% to $86.29 a barrel.

Stocks in spotlight:

Wockhardt rose 0.64%. The company’s board of directors has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 544.02 per share.

NMDC rose 0.12%. The state-owned iron ore miner informed that it has decreased prices of lump ore and fines, effective from 21 March 2024.

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The company’s board authorized and declared the opening of the issue on Wednesday, 20 March 2024.

The floor price of Rs 544.02 is almost similar to the previous day's closing price of Rs 544.15 on the BSE.

The company may offer a discount of not more than 5% on the floor price so calculated for the issue.

The company has also informed that a meeting of the committee is scheduled to be held on Tuesday, 26 March 2024 to consider and approve the issue price of the equity shares.

Wockhardt is a global pharmaceutical and biotechnology company engaged into developing, manufacturing and marketing of finished dosage and biopharmaceutical formulations, active pharmaceutical ingredients (APIs) and vaccines.

The pharma company reported a consolidated net loss of Rs 83 crore in Q3 FY24 as compared with net loss of Rs 96 crore posted in Q3 FY23. Total revenue stood at Rs 701 crore in Q3 FY24, rose marginally 0.3% year on year.

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Wockhardt will hold a meeting of the Board of Directors of the Company on 26 March 2024.

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