Shares of Walchandnagar Industries Ltd have surged 10% over the last two trading sessions, hitting the 5% upper circuit on March 6, 2025, following the company’s announcement of acquiring a majority stake in AiCitta Intelligent Technology. Additionally, the company has appointed Nishant Saigal as its new Chief Financial Officer (CFO), effective April 14, 2025, replacing Sandeep Jain, who resigned due to health reasons.
The company has entered into a strategic deal to acquire 60.3% of AiCitta Intelligent Technology, a startup engaged in defence research and development, particularly in unmanned ground vehicles (UGVs). The acquisition is valued at ₹16 crore, which will be executed in multiple phases. The first tranche will be completed within 45 to 60 days, while the remaining investment will be completed within 31 months of the initial payment. Once the transaction is finalized, AiCitta will become a wholly owned subsidiary of Walchandnagar Industries, strengthening its position in the defence technology sector.
The acquisition is expected to enhance WIL’s presence in next-generation defence technologies, aligning with the company’s long-term diversification strategy. According to Managing Director and CEO Chirag Doshi, the deal marks a significant milestone, allowing WIL to develop proprietary defence solutions and intellectual property (IP). With the global rise in AI-driven defence systems, this move positions the company strategically in a high-growth market.
Alongside this major acquisition, the appointment of Nishant Saigal as CFO adds to investor confidence. His expertise is expected to drive financial stability and operational efficiency within the company. The market responded positively to these developments, leading to a 10% rally in WIL’s stock price over two days, reaching ₹170.07 on March 6.
In terms of stock performance, Walchandnagar Industries has seen strong buying interest, with its market capitalization touching ₹11.47 billion. The stock, which had recently tested a 52-week low of ₹142.79, has bounced back significantly, reinforcing bullish sentiment. With this acquisition and leadership change, WIL aims to expand its growth opportunities in defence technology and solidify its position in the industry.
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