Jindal Worldwide rises after selling stake in Jindal Synthetics

Jindal Worldwide rose 1.82% to Rs 588 at 9:23 IST on BSE after the company said it sold its entire investment in Jindal Synthetics.

The announcement was made after market hours yesterday, 28 December 2017.

Meanwhile, the S&P BSE Sensex was up 103.90 points, or 0.31% to 33,951.93.

On the BSE, 2,178 shares were traded in the counter so far, compared with average daily volumes of 21,000 shares in the past two weeks. The stock had hit a high of Rs 590 and a low of Rs 585.75 so far during the day. The stock hit a 52-week high of Rs 654.08 on 31 October 2017. The stock hit a 52-week low of Rs 83.50 on 4 January 2017.

Jindal Worldwide said that its board considered the disposal of entire investment of the company held in its associate company, Jindal Synthetics, by way of sale of its equity shares. Consequently, Jindal Synthetics is no longer an associate company of Jindal Worldwide with effect from 23 December 2017.

Jindal Worldwide's net profit rose 26.2% to Rs 20.40 crore on 40.3% rise in net sales to Rs 394.37 crore in Q2 September 2017 over Q2 September 2016.

Jindal Worldwide is the leader in Indian textile Industries and is operating in Indian contingent as well as having its international collaboration and clients in north and South America to Europe, Africa and Middle-East Asia.

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