Cupid share price gains on land acquisition in Mumbai

The share touched a 52-week high of Rs 924.95 on November 23, 2023 and a 52-week low of Rs 228.20 on December 26, 2022.

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Cupid share price added a percent in the early trade on December 5 after the personal-care company announced that it has acquired a new land parcel in an Industrial Area near Mumbai to increase its production capabilities.

At 9.22 am, Cupid was quoting at Rs 875.05, up Rs 11.85, or 1.37 percent on the BSE.

The acquisition will enable company to amplify its production capacity by 1.5 times the existing output, the company said in its release. The annual production capacity will be augmented by approximately 770 million male condoms and 75 million female condoms. This expansion is in addition to the current production capacity of 480 million male condoms and 50 million female condoms, it added.

“Within 18 to 24 months post-expansion, our capacity for male condoms is expected to surge to an impressive 1.25 billion units, while female condom production will rise to 125 million units. This marks a new era in Cupid Limited’s journey towards global leadership in sexual wellness and reaffirms our long-standing commitment to all our stakeholders that ‘We help the world play safe’,” said Aditya Halwasiya, Managing Director, Cupid.

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The capacity expansion would be funded entirely through internal accruals, with no reliance on borrowings. It would invest in state-of-the-art machinery for each production stage, reaffirming its commitment to quality and innovation, the company added.

The company is also set to expand its global footprint by forging new partnerships with international players.

The share touched a 52-week high of Rs 924.95 on November 23, 2023 and a 52-week low of Rs 228.20 on December 26, 2022. The stock is trading 5.61 percent below its 52-week high and 282.6 percent above its 52-week low.