Pharma stock Sigachi Industries rises 10% to hit 52-week high after JV, 1:10 stock split. Do you own? | Mint
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Business News/ Markets / Stock Markets/  Pharma stock Sigachi Industries rises 10% to hit 52-week high after JV, 1:10 stock split. Do you own?
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Pharma stock Sigachi Industries rises 10% to hit 52-week high after JV, 1:10 stock split. Do you own?

Sigachi Industries Ltd has signed a deal with Saudi National Projects Investment Ltd (SNP) and announced a joint venture Sigachi Arabia

Stock market today: Sigachi Arabia moe aims to enter the rapidly growing Saudi Arabian market. (MINT)Premium
Stock market today: Sigachi Arabia moe aims to enter the rapidly growing Saudi Arabian market. (MINT)

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.

Siganchi Industries news

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.

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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."

Siganchi Industries stock split history

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.

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Multibagger IPO

This pharma stock was launched in primary market in November 2021 at perice band of 161 to 163 per equity share. A bidder was alloed to applyn in lots and one lot comprised 90 company shares. If an allo0ttee had remained invested with this pharma stock after listing, its shareholding in the company wouold have surged to 900 990 x10) after 1:10 stock split. Today Sigachi Industries share price hit new 52-week high of 43.85, this means its absolute value of investment would have turned to 39,465 whereas one lot of the IPO required 14,670 to apply for the IPO. This means, net rise in one's money after 1:10 stock split would have been around 170 per cent in these two years.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking 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. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
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Published: 20 Oct 2023, 01:38 PM IST
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