 "Sintex Industries gains after huge block deal")
Sintex Industries gained 3.5% to Rs 97.85 on BSE after more than 1% of its total equity changed hands in a block deal.
At 1:44 pm; about 9.11 million equity shares representing 1.74% of total equity of Sintex Industries changed hands on the BSE, the exchange data shows.
The name of buyers and sellers not immediately ascertained.
At 2:54 pm; the stock was trading 3.4% higher at Rs 97.70 after hitting low of Rs 93.50 in intra-day trade on Friday. A combined 18.6 million shares changed hands on the counter on the BSE and NSE so far.
Post October-December (Q3FY17) results, since January 20, the stock outperformed the market by gaining 18% as compared to 6.7% rise in the S&P BSE Sensex.
Commenting on key developments, Amit Patel, Group MD, said “Looking forward, Sintex Plastics Technology (SPTL) demerged entity will see significant deleveraging and we intend to bring net debt to EBITDA below 3 times in next two years, generate free cash”.
“The surplus capacity in plastics will see better utilization with a sharp decline in capex going forward. We are also evolving on a comprehensive retail model on asset light franchise basis, already tested and running profitably. For the yarn business, Phase I is on full utilisation and we are progressing on Phase II of yarn capacity expansion as per schedule,” said Amit Patel.
At 1:44 pm; about 9.11 million equity shares representing 1.74% of total equity of Sintex Industries changed hands on the BSE, the exchange data shows.
The name of buyers and sellers not immediately ascertained.
At 2:54 pm; the stock was trading 3.4% higher at Rs 97.70 after hitting low of Rs 93.50 in intra-day trade on Friday. A combined 18.6 million shares changed hands on the counter on the BSE and NSE so far.
Post October-December (Q3FY17) results, since January 20, the stock outperformed the market by gaining 18% as compared to 6.7% rise in the S&P BSE Sensex.
Commenting on key developments, Amit Patel, Group MD, said “Looking forward, Sintex Plastics Technology (SPTL) demerged entity will see significant deleveraging and we intend to bring net debt to EBITDA below 3 times in next two years, generate free cash”.
“The surplus capacity in plastics will see better utilization with a sharp decline in capex going forward. We are also evolving on a comprehensive retail model on asset light franchise basis, already tested and running profitably. For the yarn business, Phase I is on full utilisation and we are progressing on Phase II of yarn capacity expansion as per schedule,” said Amit Patel.
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