Penny Stock Evexia Lifecare’s Stock Rises 120% YTD, Locked in Upper Circuit Amid Big Acquisition

Evexia Lifecare, a penny stock trading below ₹5, saw its share price hit the upper circuit with 5% intraday gains on Wednesday. The stock has shown impressive performance this year, rising 120% year-to-date. It opened at ₹4.09 on the BSE, a little over 2% higher than its previous close of ₹4, and then surged further to an intraday high of ₹4.20. This movement led the stock to hit the upper circuit, capping the day’s gains at 5%. Notably, Evexia Lifecare has also reached its one-year high (52-week high), offering multibagger returns to its investors.

The rise in Evexia Lifecare’s share price can also be linked to a recent acquisition. According to its recent exchange filing, Evexia Lifecare has signed a term sheet with Vittal’s MediCare Private Limited on October 6, 2024, to acquire a 51% stake in the company. The total value of this deal is ₹35 crores (Rupees Thirty-five Crores only). Once the deal is completed, Vittal’s MediCare Private Limited will become a subsidiary of Evexia Lifecare Limited.

ADVERTISEMENT

Be part of our community by downloading and registering on the Angel One app. Your support helps us keep delivering quality content.

Vittal’s MediCare Private Limited operates in the diagnostic center business, and Evexia Lifecare, which deals in the manufacturing and trading of pharmaceuticals, chemicals, and life care products, sees this acquisition as a strategic move. The merger aims to create new opportunities and synergies for business growth, aligning with Evexia Lifecare’s broader expansion goals.

According to Evexia’s press release, the estimated time frame for completing this acquisition is 45 days from the execution date of the Share Purchase Agreement and any other related agreements. This acquisition adds momentum to Evexia’s growth in the healthcare sector while it continues its core focus on pharmaceuticals and life care products.