On technical parameters, the counter is trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
Stock Market News: Shares of Sigachi Industries jumped 5.87 per cent to hit a 52-week high of Rs 57.7 on Wednesday. The scrip had closed at Rs 54.53 in the last trading session. The stock has been gaining for the last three days and has risen 6.48 per cent in return in the same period. On technical parameters, the counter is trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
At the time of filing this report, the counter quoted at Rs 56.30 apiece on the BSE, up by Rs 1.77 or 3.25 per cent.
Meanwhile, pharmaceutical industry company Sigachi Industries has announced the incorporation of a joint venture (JV) with Saudi National Projects Investment Limited (SNP) as it looks to expand its global footprint.
According to a statement by the company, its wholly owned subsidiary Sigachi MENA FZCO and SNP have formed the new JV, namely Sigachi Arabia. SNP is an advisory investment firm.
“Sigachi MENA FZCO will hold a 75 per cent stake and SNP will hold 25 per cent in the JV,” it said.
The JV will be a holding company that will create separate entities to manage its core verticals viz. pharma, food and nutrition, and operations and management (O&M).
The statement added that the JV is also planning to set up a manufacturing facility in Riyadh to cater to the local market. The plant will also serve the Gulf Cooperation Council (GCC) countries.