Sanghvi Movers moves higher on getting nod to incorporate WOS in Kingdom of Saudi Arabia
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Sanghvi Movers is currently trading at Rs. 436.65, up by 29.05 points or 7.13% from its previous closing of Rs. 407.60 on the BSE.
The scrip opened at Rs. 410.05 and has touched a high and low of Rs. 442.45 and Rs. 409.55 respectively. So far 50318 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 741.50 on 16-May-2024 and a 52 week low of Rs. 310.68 on 26-Oct-2023.
Last one week high and low of the scrip stood at Rs. 442.45 and Rs. 372.45 respectively. The current market cap of the company is Rs. 3754.80 crore.
The promoters holding in the company stood at 47.25%, while Institutions and Non-Institutions held 5.75% and 47.00% respectively.
Sanghvi Movers’ board has granted its in-principal approval for incorporation of a Wholly Owned Subsidiary (WOS) Company in Kingdom of Saudi Arabia. The WOS will be incorporate to cater to the increasing market base in Saudi Arabia and to engage in the business of providing comprehensive crane rental services and heavy lifting solutions to Oil & Gas, Petrochemicals, Electricity & Power, Offshore, Construction, Industrial and Infrastructure Sectors across the Kingdom of Saudi Arabia; to provide the cranes along with skilled operators, engineers and technical personnel to ensure the efficient and safe operation of all equipments and to offer end-to-end logistical support, transportation and delivery of cranes and equipment to project sites; to form strategic partnerships, joint ventures and collaborations with local and international entities engaged in complementary sectors, including construction, infrastructure development and logistics and; to continuously explore opportunities for growth and expansion that enhance efficiency, safety and sustainability.
The Board of Directors of the company at its meeting held on October 11, 2024, granted their in-principal approval for the same.
Sanghvi Movers is engaged in the business of providing hydraulic and crawler cranes to various industries in the infrastructure sector.
