Microcap stock jumps over 4% after signing agreement to acquire 100% stake in Solar Opto Medic

During Tuesday’s trading session, the shares of a company that manufactures, imports, assembles and markets a wide portfolio of medical equipments and disposables surged by around 4.6 percent on BSE, after entering into an agreement for a 100 percent acquisition of a healthcare company.

Price Movement

With a market cap of Rs. 112.5 crores, the shares of Hemant Surgical Industries Limited opened in the green at Rs. 105.5, up by nearly 2.4 percent, as compared to its previous closing price of Rs. 103.

The stock has delivered negative returns of nearly 36 percent in the last one year, as well as around 18 percent returns in the last one month.

What’s the news

According to the latest regulatory filings with the BSE, Hemant Surgical Industries Limited has entered into a Share Purchase Agreement (SPA) for the acquisition of 100 percent equity shareholding of Solar Opto-Medic Private Limited.

Upon the completion of this transaction, Solar Opto-Medic Private Limited will become the wholly-owned subsidiary of Hemant Surgical Industries Limited. The acquisition is expected to be completed by the end of March 2025.

About the Target Entity

Incorporated on 11th June 1996, Solar Opto-Medic Private Limited is located in Rajkot, Gujarat, and operates in the Health Care, Treatment and Diagnosis sector.

The total cost of this acquisition is Rs. 20.25 lakhs, with 40,500 equity shares of Solar Opto-Medic Private Limited being acquired. Following the acquisition, it will be a wholly owned subsidiary of Hemant Surgical Industries Limited.

For FY24, the target company’s turnover was Rs. 70.16 lakhs, while it posted a net loss of Rs. 0.04 lakhs, and its net worth stood at Rs. 29 lakhs.

Also read: Pharma stock in green after it launches autoimmune diseases treatment drug in US

Financials

Hemant Surgical Industries reported a marginal growth in its revenue from operations, showing a year-on-year rise of 2 percent from Rs. 48 crores in H1 FY24 to Rs. 49 crores in H1 FY25.

However, its net profit decreased during the same period from Rs. 4 crores to Rs. 3 crores, indicating a decline of around 25 percent YoY.

About the company

Hemant Surgical Industries Limited is engaged in the business of manufacturing, importing, assembling and marketing a comprehensive portfolio of medical equipments and disposables, along with providing services for the maintenance and running of dialysis centres.

The company’s product offerings cover a wide spectrum of equipment and disposables required for (i) Renal Care, (ii) cardiovascular disease (iii) respiratory disease, (iv) Critical Care and Radiology and (v) Surgical disposables. 

Written by Shivani Singh

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