Introduction:
Leading crane rental service provider incorporated a wholly-owned subsidiary in Saudi Arabia. The new entity will focus on construction equipment rental services, aiming to meet the region’s growing demand for such services.
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Share price movement of Sanghvi Movers:
On December 19, 2024, Sanghvi Movers Ltd. opened at ₹309.35, up 1.49% from its previous close of ₹314.45. The stock reached a high of ₹319.95 (1.75%) and a low of ₹307.00. By 3:00 PM, it traded at ₹319.15, a 1.49% increase, with a market cap of ₹2,763.07 crore.
Sanghvi Movers Expands in Saudi Arabia:
Sanghvi Movers Limited has incorporated a wholly-owned subsidiary, Sanghvi Movers Middle East Limited, in Saudi Arabia. This subsidiary will focus on crane rental and allied services, catering to the growing market demand in the region.
The new entity, incorporated on December 17, 2024, is set to provide construction equipment rental services in Saudi Arabia. The share capital of SAR 375,000 will be fully subscribed by Sanghvi Movers Limited, reflecting the company’s commitment to expanding its global footprint.
This expansion follows approval from the Ministry of Commerce and the Ministry of Investment in Saudi Arabia. The subsidiary will operate within the crane rental industry, with no immediate turnover as business operations are yet to begin.
Recent news on Sanghvi Movers:
As of December 10, 2024, Sanghvi Movers reported a decline in profit for September 2024. Net profit fell 21.71% to ₹29.12 crore, while net sales rose by 11.54%. Shares closed at ₹346.75, with a 6-month return of -37.93%.
Stock performance of Sanghvi Movers for Period of 1 week, 6 months and 1 year:
Sanghvi Movers has shown a decline in performance, with a 6.52% drop over the past week, a 41.1% decline in the last 6 months, and a 19.4% fall in the last year, reflecting challenging market conditions.
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Shareholding pattern of Sanghvi Movers:
| All values in % | Sep 2024 | Jun 2024 | Mar 2024 |
| Promoter | 47.30% | 47.30% | 47.30% |
| FII | 3% | 2% | 3% |
| DII | 3.70% | 3.30% | 2.60% |
| Public | 46.20% | 47.00% | 47.70% |
About Sanghvi Movers:
Sanghvi Movers Ltd (NSE: SANGHVIMOV) is a leader in the crane rental industry, offering an extensive fleet for various sectors, including power, steel, and wind energy, with operations across India and a significant global presence.
Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.
