Multibagger penny stock under Rs 60: This small-cap pharma company forms a JV with Saudi National Projects Investment Ltd; appoints industry veterans as advisors!

The stock gave multibagger returns of 146.4 per cent from its 52-week low of Rs 22 per share.

Sigachi Industries, through its subsidiary Sigachi MENA FZCO, has partnered with Saudi National Projects Investment Ltd to establish a foothold in the flourishing Saudi Arabian market. This joint venture, named Sigachi Arabia, will act as a holding company overseeing separate entities dedicated to Sigachi's core businesses: pharmaceuticals (excipients and APIs), food and nutrition, and operations and management (O&M).

Within three years, a manufacturing facility is planned in Riyadh, initially serving the local market and later expanding to encompass the entire GCC region. Sigachi MENA FZCO retains a controlling stake (75 per cent) in the joint venture, with SNP holding the remaining 25 per cent. This strategic partnership positions Sigachi for significant growth in a key market.

Sigachi is thrilled to announce that the company has appointed two industry veterans as advisors for the Middle East and North Africa (MENA) region: Mr Jerry White and Ms Anu Aga. Their expertise and leadership will be instrumental in driving Sigachi's growth and fostering positive change in the region.

Mr Jerry White brings a wealth of experience to the table, having held prominent positions in international organizations. His dedication to humanitarian causes shines through his work with the United Religions Initiative, Survivor Corps, and the International Campaign to Ban Landmines. His strategic acumen and industry knowledge will be invaluable as Sigachi navigates the dynamic MENA landscape.

Ms Anu Aga, a respected business leader and philanthropist, is renowned for her contributions to corporate governance and sustainable practices. Her leadership of Thermax, a leading energy and environment engineering company, exemplifies her commitment to responsible business practices. Ms. Aga's guidance will be crucial in shaping Sigachi's approach to ethical conduct and corporate responsibility within the MENA region.

With these two esteemed advisors on board, Sigachi is well-positioned to achieve its strategic goals in the MENA region and contribute to the region's sustainable development.

Sigachi Industries was incorporated in 1989. It is engaged in the manufacturing of Microcrystalline Cellulose (MCC) which is widely used as an excipient for finished dosages in the pharmaceutical industry. The company has a market cap of over Rs 1,600 and has delivered good profit growth of 44.50 per cent CAGR over the last 5 years.

Today, shares of Sigachi Industries gained 3.87 per cent and traded at an intraday high of Rs 54.20 per share from its previous closing of Rs 52.18 per share. The shares of the company saw a spurt in volume by more than 2.20 times on BSE.

The stock gave multibagger returns of 146.4 per cent from its 52-week low of Rs 22 per share. Investors should keep an eye on this Small-Cap pharma stock.

Disclaimer: The article is for informational purposes only and not investment advice.