Century Plyboards (India) gains after unit buys stake in Huesoulin Wood Processing Factory

Century Plyboards (India) rose 2.28% to Rs 309.40 at 11:34 IST on BSE after the company said its Singapore-based subsidiary acquired 49% stake in Huesoulin Wood Processing Factory Company.

The announcement was made after market hours yesterday, 15 June 2017.

Meanwhile, the S&P BSE Sensex was up 9.11 points, or 0.03% to 31,084.84.

On the BSE, 19,000 shares were traded in the counter so far, compared with average daily volumes of 27,035 shares in the past one quarter. The stock had hit a high of Rs 312.95 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 307.65 so far during the day. The stock hit a 52-week low of Rs 154.50 on 22 December 2016.

The stock had outperformed the market over the past one month till 15 June 2017, rising 14.04% compared with 1.36% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 25.62% as against Sensex's 4.81% rise. The scrip had also outperformed the market in past one year, rising 52.93% as against Sensex's 17.15% rise.

The mid-cap company has equity capital of Rs 22.22 crore. Face value per share is Re 1.

Century Plyboards (India) said its subsidiary, Century Ply (Singapore), in Singapore has acquired 49% stake in Huesoulin Wood Processing Factory Company, thereby making it an associate company. Huesoulin Wood Processing Factory Company is engaged in manufacturing and trading in plywood, veneer and all wood products and providing related services.

Net profit of Century Plyboards (India) rose 34.4% to Rs 55.91 crore on 9.3% rise in net sales to Rs 488.54 crore in Q4 March 2017 over Q4 March 2016.

Century Plyboards (India) is the largest seller of multi-use plywood and decorative veneers in the Indian organized plywood market.

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