NCL Inds jumps after China JV

NCL Industries rose 4.85% to Rs 110.30 after the company said it formed a joint venture company in China.

NCL Industries said it has signed an agreement to establish a joint venture company with Qingdao Xinguangzheng Steel Structure Company, China for manufacture of pre-engineered steel structures in India. The board has approved the proposal to incorporate a joint venture company pursuant to the agreement.

As per the pact, NCL and the Chinese partner will hold 70% and 30% respectively of the equity of the joint venture company. The estimated project cost for the venture is around Rs 35 crore and the equity investment of NCL in the joint venture will be in the range of Rs 7.70 crore. The announcement was made after market hours on Friday, 23 August 2019.

Shares of NCL Industries increased 5.85% in two trading sessions to its current market price of Rs 110.30, from a recent closing low of Rs 104.20 on 22 August 2019.

On BSE, 2,734 shares were traded in NCL Industries counter, compared to a 2-week average of 9,921 shares. The stock hit an intraday high of Rs 112.30 and an intraday low of Rs 107.65.

It hit a 52-week high of Rs 171.35 on 27 August 2018 and a 52-week low of Rs 98 on 23 August 2019.

NCL Industries is engaged in manufacturing cement. The firm offers ordinary portland cement (OPC), portland pozzolana cement (PPC), OPC 53 S cement and plain & laminated cement bonded particle boards.

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