drug stock After the JV and 1:10 stock split, Sigachi Industries jumps 10% to reach a 52-week high. Do you have a

Stock After the JV and 1:10 stock split, Sigachi Industries jumps 10% to reach a 52-week high. Do you have a

Stock at record high: Since the first morning trades, shares of Sigachi Industries have been rising. The NSE share price of Sigachi Industries today began with an upside gap at 39.30 per share before rising to an intraday high of 43.85 per share, which also served as the company's new 52-week high.

News about Siganchi Industries

According to the pharmaceutical company's most recent exchange filing, Sigachi Industries Ltd. has partnered with Saudi National Projects Investment Ltd. (SNP) and announced the creation of Sigachi Arabia. The move hopes to reach the Saudi Arabian market, which is quickly expanding.

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Pharma (excipients and APIs), Food and Nutrition, and Operations and Management (O&M) will be managed by different companies under the ownership of Sigachi Arabia, a holding company. A manufacturing plant is also anticipated to open in Riyadh in around three years, first to service the local market and eventually, the GCC nations.

"We are excited to partner with mutation to establish our presence in the Saudi Arabian marketplace," said Amit Raj Sinha, CEO about Sigachi Industries Limited, in a statement announcing the joint venture. He continued, "SNP's deep understanding of the nation's market and regulatory landscape, as well as their proven record of success in executing and completing deals, make them the ideal partner for us."

History of Siganchi Industries stock splits

According to information on the BSE website, this pharmaceutical stock went ex-dividend on October 3, 2023, and the stock was divided in a 1:10 ratio. This indicates that one stock was divided into ten equities.

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The multibagger IPO

In November 2021, this pharmaceutical stock was introduced on the main market at a price range of 161 to 163 rupees per equity share. One lot of a bidder's application, which included 90 business shares, was permitted. After the company's 1:10 stock split, an investor's stake in the business would have increased to 900 990 x10 if they had stayed invested in this pharmaceutical stock after the IPO. Since the price of Sigachi Industries' stock reached a new 52-week high today of 43.85, the absolute value of the investment would have been 39,465 instead of the 14,670 needed for one lot of the IPO. This indicates that the two-year net increase in one's money after the 1:10 stock split would have been almost 170 percent.