Cupid announces strategic land acquisition, set to expand its global footprint
The company said that this capacity expansion will be funded entirely through internal accruals, with no reliance on borrowings.
Cupid Limited, a personal-care company, has announced a strategic land acquisition and expansion plan. In an exchange filing, the company said that it has acquired a new land parcel in an Industrial Area near Mumbai.
According to the company, the move will remarkably increase the company's production capabilities.
"This move is set to remarkably increase the company's production capabilities, enhancing its position in the global market," the filing reads.
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Established in 1993, Cupid Limited exports its products to over 105 countries, with over 90 per cent of its revenue generated from international markets.
Also, the company said that this capacity expansion will be funded entirely through internal accruals, with no reliance on borrowings.
"The company plans to invest in state-of-the-art machinery for each production stage, reaffirming its commitment to quality and innovation," the company said.
Meanwhile, the Indian contraceptives market is set to grow at a healthy rate of 12.2 per cent CAGR over the next 7-10 years, with a broader cultural shit among the younger end of the target market and population growth.
Meanwhile, shares of Cupid Limited hit an intraday high of Rs 914.75. Last seen, the scrip was trading in BSE at Rs 897.40 as compared to the previous close of Rs 863.20.
12:24 PM IST