Sintex extends gains

Sintex Industries rose 3.15% to Rs 103 at 11:25 IST on BSE, with the stock extending recent gains on renewed buying interest.

Meanwhile, the S&P BSE Sensex was down 148.39 points or 0.5% at 29,273.01. The BSE Mid-Cap index was down 15.67 points or 0.11% at 13,833.51.

On the BSE, 10.20 lakh shares were traded on the counter so far as against the average daily volumes of 9.64 lakh shares in the past one quarter. The stock had hit a high of Rs 103.30 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 100.40 so far during the day.

The stock had hit a 52-week low of Rs 70 on 12 August 2016. It had outperformed the market over the past one month till 24 March 2017, surging 7.02% compared with the Sensex's 1.83% rise. The scrip had also outperformed the market over the past one quarter, gaining 37.16% as against the Sensex's 12.98% rise.

The mid-cap company has equity capital of Rs 52.71 crore. Face value per share is Rs 1.

Shares of Sintex Industries have risen 7.4% in three trading sessions from its close of Rs 95.90 on 22 March 2017.

Sintex Industries announced during market hours on Friday, 24 March 2017 that the National Company Law Tribunal (NCLT) sanctioned the composite scheme of agreement between Sintex Industries, Sintex Plastic Technology, Sintex-BAPL and Sintex Infra Projects.

Meanwhile, Sintex Industries during market hours today, 27 March 2017 issued clarification with regard to media reports of sale of minority stake in Sintex Plastics. Sintex Industries said that as a corporate policy it does not normally comment on speculative news articles.

As part of corporate strategy, the company is always evaluating opportunities for enhancing the stakeholder's value. As and when such proposals are considered by the board of directors of the company and warrant disclosure, the company shall comply with the disclosure obligations, it added.

Currently there is no such proposal as reported by the media that is being considered by the board of directors of the company, Sintex Industries said.

On consolidated basis, net profit of Sintex Industries declined 38.9% to Rs 110.81 crore on 0.1% decline in net sales to Rs 2075.01 crore in Q3 December 2016 over Q3 December 2015.

Sintex is a diversified group with businesses across 2 principal business segments - plastics (including infrastructure) and textiles.

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