Hindusthan National Glass hits the roof

Hindusthan National Glass & Industries hit an upper circuit limit of 20% at Rs 92.70 at 14:25 IST on BSE after the company said it has entered into an agreement for divesting its entire 11.23% holding in HNG Float Glass.

The announcement was made after market hours yesterday, 13 June 2018.

Meanwhile, the S&P BSE Sensex was down 141 points, or 0.39% to 35,598.16.

On the BSE, 76,000 shares were traded in the counter so far compared with average daily volumes of 535 shares in the past two weeks. The stock had hit a high of Rs 92.70 and a low of Rs 79.25 so far during the day. The stock hit a 52-week high of Rs 193.60 on 5 January 2018. The stock hit a 52-week low of Rs 74.20 on 29 August 2017.

Hindusthan National Glass & Industries said it has entered into a share purchase agreement for divesting its entire 11.23% holding in HNG Float Glass, a joint venture of the company, to Trakya Cam Sanayii AS.

Trakya Cam Sanayii AS is a large float glass manufacturing group in Europe with its presence all over Europe.

Hindusthan National Glass said it has transferred 3.45 crore equity shares to Trakya Cam Sanayii AS for $19.26 million (Rs 129.76 crore). HNG Float Glass has posted a turnover of Rs 554.18 crore during 2017-2018 with a net worth of Rs 421.54 crore as on 31 March 2018.

Hindusthan National Glass & Industries reported net loss of Rs 75.40 crore in Q4 March 2018 as against net loss of Rs 80.14 crore in Q4 March 2017. Net sales rose 10.15% to Rs 537.94 crore in Q4 March 2018 over Q4 March 2017.

Hindusthan National Glass & Industries is the largest container glass solutions provider in India.

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