Pharma stock Sigachi Industries rises 10% to hit 52-week high after JV, 1:10 stock split. Do you own?
Stock at record high: Sigachi Industries shares have been in uptrend since early morning deals. Sigachi Industries share price today opened with an upside gap at ₹39.30 apiece on NSE and went on to hit intraday high of ₹43.85 per share, which turned out its new 52-week high as well. As per the latest exchange filing by the pharma company, Sigachi Industries Ltd has signed a deal with Saudi National Projects Investment Ltd (SNP) and announced a joint venture Sigachi Arabia.
The move aims to enter the rapidly growing Saudi Arabian market. Suzlon shares at 9-year high, rises 350% in FY24. Good oppportunity for bulls? Sigachi Arabia will be a holding company that will create separate entities to manage Sigachi’s core verticals viz.
Pharma (excipients and APIs), Food and Nutrition, and Operations and Management (O&M). In about 3 years, a manufacturing facility is also planned to be set up in Riyadh to initially cater to the local market and later, to serve the GCC countries. Sigachi MENA FZCO will hold 75% stake and SNP, 25% in the JV.
Announcing the joint venture, Amit Raj Sinha, CEO at Sigachi Industries Limited said, "We are excited to partner with SNP to establish our presence in the Saudi Arabian market," adding, “SNP’s deep understanding of the local market and regulatory landscape, as well as their track record of success in executing and closing deals, make them the ideal partner for us." As per the information available on BSE website, this pharma stock traded ex-split on 3rd October 2023 and the stock was subdivided in 1:10 ratio. This means, one stock was split into 10 stocks. Yes Bank shares rise over 4% ahead of Q2 results 2023.
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