Cupid Shares Rally 4% on Approval for a New Unit in Saudi Arabia 

Shares of Cupid Ltd rallied 4% on 30 December after the company announced receiving approval from the Board of Directors of the company for setting up a new manufacturing unit in Saudi Arabia. 

In its regulatory filing, the company said, “the board of directors of the company at its meeting held on 29 December, has accorded in-principle approval for setting up a new FMCG manufacturing facility / plant in the Kingdom of Saudi Arabia (KSA).”

Cupid Limited said the proposed facility will support its FMCG expansion plans by strengthening regional supply, improving speed to market, ensuring better product availability, and deepening its presence in Saudi Arabia and the broader GCC region.

The company added that it will fund the project through internal accruals, subject to standard evaluations and required regulatory and statutory approvals.

In an exchange filing dated 23 December, Cupid disclosed that pledged shareholding has come down to 20%, compared with 36.13% as of 30 September.

Cupid manufactures and supplies male and female condoms, water-based lubricant jelly, and IVD kits. The company currently has an annual production capacity of over 480 million male condoms, 52 million female condoms, and 210 million lubricant jelly sachets.

At 2:24 pm, the shares of Cupid were trading 4.31% higher at Rs 507.55 on NSE.

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