Sigachi Industries zooms as its arm, SNP form JV to enter rapidly growing Saudi Arabian market
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Sigachi Industries is currently trading at Rs. 42.85, up by 4.30 points or 11.15% from its previous closing of Rs. 38.55 on the BSE.
The scrip opened at Rs. 39.30 and has touched a high and low of Rs. 43.85 and Rs. 39.00 respectively. So far 1157805 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 43.85 on 20-Oct-2023 and a 52 week low of Rs. 22.00 on 29-Mar-2023.
Last one week high and low of the scrip stood at Rs. 43.85 and Rs. 38.15 respectively. The current market cap of the company is Rs. 1381.25 crore.
The promoters holding in the company stood at 46.08%, while Institutions and Non-Institutions held 2.46% and 51.46% respectively.
Sigachi Industries’ wholly owned subsidiary -- Sigachi MENA FZCO and Saudi National Projects Investment (SNP), an advisory investment firm, have formed a joint venture (JV), Sigachi Arabia, to enter the rapidly growing Saudi Arabian market.
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.
The company is an industry leader in the field of Pharma Excipients, Nutra and food ingredients. The company has rapidly established itself as one of the largest manufacturers of Microcrystalline Cellulose worldwide.
