The stock had gained 23.68% in the past five sessions to end at Rs 881.75 yesterday (15 March 2021), from its recent closing low of Rs 712.95 recorded on 2 March 2021.

On a year-to-date (YTD) basis, the stock has zoomed 69.85% while the benchmark Sensex has added 6.04% during the same period.

On the technical front, the stock's RSI (relative strength index) stood at 83.01. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day, 100-day and 200-day daily simple moving average (SMA) placed at 609.15, 553.82 and 476.58, respectively.

Last month, Poly Medicure successfully raised Rs 400 crore via allotment of 76.33 lakh shares to the eligible qualified institutional buyers at the issue price of Rs 524 per equity share. The QIP issue opened on 15 February 2021 and closed on 18 February 2021.

The scrip is currently trading 64.12% higher from its QIP issue price.

Poly Medicure exports plastic medical disposables/surgical devices. It manufactures and supplies approximately 100 types of disposable medical devices in the product verticals of infusion therapy, anesthesia, urology, gastroenterology, blood management and blood collection, surgery and wound drainage, dialysis and central venous access catheters

The company's consolidated net profit rose 41.13% to Rs 35.31 crore on a 12.79% increase in net sales to Rs 203.51 crore in Q3 FY21 over Q3 FY20.

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Poly Medicure's QIP committee approved allotment of 76,33,587 equity shares to eligible qualified institutional buyers at the issue price of Rs 524 per equity share, aggregating to Rs 400 crore. The QIP issue opened on 15 February 2021 and closed on 18 February 2021.

Allottees who were issued more than 5% of the total equity shares offered in the qualified institutions placement (QIP) are SMALLCAP World Fund (27.25%), Lighthouse India III Equity Investors (15.50%), UTI Mutual Fund (12.61%), Max Life Insurance Company (10%), Abu Dhabi Investment Authority (9.60%) and Ashoka India Opportunities Fund (5.95%).

Poly Medicure proposes to utilize the net proceeds for funding suitable organic and inorganic growth opportunities, ongoing capital expenditure, other long term and short terms requirements, pre-payment and/or repayment of outstanding borrowings, general corporate purpose, or any other purposes, as may be permissible under applicable law and approved by the board.

Poly Medicure exports plastic medical disposables/surgical devices. It manufactures and supplies approximately 100 types of disposable medical devices in the product verticals of infusion therapy, anesthesia, urology, gastroenterology, blood management and blood collection, surgery and wound drainage, dialysis and central venous access catheters

The company's consolidated net profit rose 41.13% to Rs 35.31 crore on a 12.79% increase in net sales to Rs 203.51 crore in Q3 FY21 over Q3 FY20.

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Poly Medicure announced that the QIP Committee at its meeting held on 19 February 2021 has approved the allotment of 76,33,587 Equity Shares of face value Rs 5 each to eligible qualified institutional buyers at the issue price of Rs 524 per Equity Share, i.e., at a premium on 519 per Equity Share, aggregating to Rs 400 crore, pursuant to the Issue.

Pursuant to the allotment of Equity Shares in the Issue, the paid-up equity share capital of the Company standsincreased from Rs 44, 12,34,900 consisting of 8,82,46,980 Equity Shares to Rs 47,94,02,835 consisting of 9,58,80,567Equity Shares.

The Issue opened on 15 February 2021 and closed on 18 February 2021.

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Poly Medicure announced that the QIP Committee at its meeting held on 18 February 2021 passed the following resolutions -

a. approved closure of the QIP today, i.e., 18 February 2021;

b. approved the issue price for 76,33,587 Equity Shares to be allotted to eligible qualified institutional buyers at aprice of Rs 524 per Equity Share, including a premium of Rs 519 per Equity Share, which is at a discount of Rs 26.79 ( 4.86% to the floor price of Rs 550.79 per Equity Share), as permitted in terms of Regulation 176(I) of Chapter VI of the SEBI ICDR Regulations.

c. approved and finalized the confirmation of allocation note to be sent to the eligible qualified institutionalbuyers, intimating them of allocation of Equity Shares pursuant to the Issue.

The QIP was opened on 15 February 2021.

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