Cupid shares zoom 10% in 3 days following strategic partnership to enter Middle East market
, one of India's leading manufacturers of health and personal care products, saw its shares rally by 10% over the past three days, reaching a new all-time high of Rs 147 on BSE today.
This surge in stock price follows the company's announcement of a strategic investment in
GII Healthcare Investment Ltd
, a healthcare-focused investment vehicle managed by
Gulf Islamic Investments
(GII), on July 15.
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In the announcement, Cupid revealed its investment in GII Healthcare, which holds a significant minority equity stake in a prominent healthcare provider based in Saudi Arabia.
GII, a leading investment firm with assets exceeding US$ 3.5 billion, operates across Saudi Arabia, the UAE, Europe, the USA, and India.
This investment marks Cupid's first strategic foray into the Middle East, as the company diversifies into global markets with high growth potential. The company's CEO, in a statement, emphasized that the move reflects Cupid's long-term vision to drive new growth opportunities in international markets, with a focus on the healthcare and FMCG sectors.
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'We are proud to invest in the healthcare-focused investment vehicle of GII in this landmark partnership. This investment represents a secure, dollar-denominated asset and lays the foundation for Cupid's entry into the Gulf region. Our personal care products align strongly with the patient demographic in the GCC, creating future synergies and huge distribution opportunities,' said Aditya Kumar Halwasiya, Chairman and Managing Director of Cupid.
The company's strategic investment in GII Healthcare highlights its commitment to expanding its portfolio and accelerating growth in emerging markets.
Cupid has been recognized for its innovative health and personal care products, including wellness and hygiene items, diagnostic kits, fragrances, hair oils, and other FMCG offerings.
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