Veerhealth Care soars on purchasing additional land in Gujarat
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Veerhealth Care is currently trading at Rs. 23.85, up by 0.85 points or 3.70% from its previous closing of Rs. 23.00 on the BSE.
The scrip opened at Rs. 23.00 and has touched a high and low of Rs. 24.00 and Rs. 23.00 respectively. So far 23569 shares were traded on the counter.
The BSE group 'X' stock of face value Rs. 10 has touched a 52 week high of Rs. 30.10 on 23-Feb-2024 and a 52 week low of Rs. 13.60 on 13-Dec-2023.
Last one week high and low of the scrip stood at Rs. 24.98 and Rs. 22.51 respectively. The current market cap of the company is Rs. 46.42 crore.
The promoters holding in the company stood at 30.41%, while Non-Institutions held 69.59% in the company.
Veerhealth Care has purchased 27,451 Sq. Ft. of additional land adjacent to its current manufacturing facility in Vapi, Gujarat. This acquisition will enable the establishment of new manufacturing lines which will be as per CGMP norms as required by USFDA to meet the increasing demand from the US market.
Following the expansion, the total plot area will be 58,623 sq. ft., combining the existing 31,172 sq. ft. with the newly acquired 27,451 sq. ft. The total constructed area will rise to 90,000 sq. ft., with 60,000 sq. ft. from the current facility and 30,000 sq. ft. from the new construction. The company expects a substantial increase in demand & positive feedback from the US, East & North African market after the initial supply of oral care products. To address this anticipated demand, Veerhealth Care will introduce high-capacity manufacturing and filling lines in the new facility.
The new facility will be additionally equipped with plastic blow molding and injection molding machines, allowing for backward integration by producing packing materials internally. This strategic move aims to provide a comprehensive solution to client requirements and is projected to help Veerhealth Care achieve a revenue target of Rs 100 crore over the next 2 to 3 years with a 10% PAT Margin. All manufacturing stages of the company's products will be completed within its own facilities.
Veerhealth Care is engaged mainly in business of trading and manufacturing and marketing research based ayurvedic medicines.
