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Business News/ Markets / Stock Markets/  Stock market today: Sigachi Industries share price hits 52-week high after 85% rally in YTD
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Stock market today: Sigachi Industries share price hits 52-week high after 85% rally in YTD

Stock market today: Sigachi Industries share price today opened upside and went on to touch a new 52-week high of ₹95.90 apiece on NSE

Stock market today: Sigachi Industries share price has been hitting a 52-week high for the last three straight sessions.Premium
Stock market today: Sigachi Industries share price has been hitting a 52-week high for the last three straight sessions.

Stock market today: Sigachi Industries share price witnessed strong buying interest among Dalal Street bulls in early morning session on Tuesday. Sigachi Industries share price today opened upside and went on touch an intraday high of 95.90 apiece on NSE, logging an intraday gain of nearly 6.50 percent wiithin few minuters of the opening bell. While climbing to this intraday high of 95.90 apiece, the pharma stock went on to touch a new 52-week high during Tuesday deals. In fact, the multibagger stock touched a new 52-week peak for third straight session. The stock has been hitting new highs since Friday last week.

Sigachi Industries share price history

Sigachi Industries shares are one of the multibagger stocks that Indian stock market has delivered in the last one year. The multibagger pharma stock has delivered to the tune of 150 percent in the last six months whereas it has surged 265 percent in the last one year. In year-to-date (YTD) time, this multibagger stock has risen to the tune of 85 percent.

Sigachi Industries news

In an exchange filing on Monday, Sigachi Industries informed the Indian stock market bourses about the joint venture (JV) with a UAE-based firm. The Indian pharma company aims to foray into the growing UAE food and pharma market in the UAE.

Sigachi Industreis informed Indian stock market exchanges about the JV saying, “We wish to inform you that Sigachi MENA FZCO, a wholly owned subsidiary of the company, incorporated in Dubai, and iConsult Trading Consultancy LLC, a wholly owned subsidiary of iMass Investments, UAE, have announced the formation of a Joint Venture (JV), “Sigachi Global", to enter the growing UAE food and pharma market."

Sigachi Global will create separate entities to manage Sigachi’s core verticals viz. Pharma (excipients and APIs), Food and Nutrition, and Operations and Management (O&M) as required. Sigachi MENA FZCO will hold 75% stake and iConsult shall hold 25% in the JV. Sigachi Global is estimated to have revenues of USD 54 Million by 2029.

Amit Raj Sinha, CEO of Sigachi Industries, expressed his excitement about the partnership saying, "We are delighted to join forces with iConsult. Their deep understanding of the UAE market and extensive network will be invaluable in introducing our high-quality API’s, Excipients and Food and Nutritional Ingredients to new customers and addressing their specific needs. This partnership aligns perfectly with our vision to expand our global reach and provide innovative solutions that cater to the evolving food and pharma landscapes."

The joint venture will capitalize on the complementary capabilities of both companies, combining iMass/iConsult's market knowledge and Sigachi's cutting-edge technology to deliver superior products and services to customers in the GCC.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 27 Feb 2024, 10:34 AM IST
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