Astral Poly gains after launching new plumbing brand

Astral Poly Technik rose 1.44% to Rs 490 at 12:56 IST on BSE after the company announced the launch of chlorinated poly vinyl chloride pipes and fittings under a new brand name.

The announcement was made during trading hours today, 3 August 2016.

Meanwhile, the S&P BSE Sensex was down 239.70 points, or 0.86%, to 27,742.01.

On BSE, so far 3,091 shares were traded in the counter, compared with an average daily volume of 11,572 shares in the past one quarter. The stock hit a high of Rs 495 and a low of Rs 488.50 so far during the day. The stock hit a 52-week high of Rs 526.35 on 27 July 2016. The stock hit a 52-week low of Rs 334.05 on 29 February 2016. The stock had underperformed the market over the past one month till 2 August 2016, rising 0.18% compared with 3.08% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 10.92% as against Sensex's 10% rise.

The mid-cap company has an equity capital of Rs 11.98 crore. Face value per share is Re 1.

Astral Poly Technik (Astral) has joined hands with Japan-based Sekisui Chemical Co. (Sekisui) to source chlorinated poly vinyl chloride (CPVC) resin for hot and cold water plumbing system. This strategic tie up between Astral and Sekisui enables Astral to go for backward integration into developing its own CPVC compound. On account of this tie up, Astral has launched its own brand "Astral CPVC Pro" for CPVC pipes and fittings for hot and cold water application. This product has NSF-61, ISI, UIPC approvals. The CPVC compound is also NSF certified for potable water.

On a consolidated basis, Astral Poly Technik's net profit rose 101.71% to Rs 42.40 crore on 12.92% rise in net sales to Rs 531.99 crore in Q4 March 2016 over Q4 March 2015.

Astral Poly Technik is a diversified manufacturer of building products in India. Its piping product portfolio consists of plumbing, drainage, agriculture, industrial, fire sprinkler and electrical piping systems. Astral's adhesive product portfolio consists of construction chemicals, maintenance, wood care and automotive adhesives.

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