Sintex Industries extends Thursday's rally

Sintex Industries jumped 17.44% to Rs 30.30 at 12:15 IST on BSE, with the stock extending Thursday's rally on the basis of adjusted price post-demerger of the company's plastics business.

Meanwhile, the S&P BSE Sensex was up 206.51 points or 0.67% at 30,956.54. The S&P BSE Small-Cap index was up 189.46 points or 1.28% at 15,038.19.

On the BSE, 1.25 crore shares were traded on the counter so far as against the average daily volumes of 18.69 lakh shares in the past one quarter. The stock had hit a high of Rs 30.90 and a low of Rs 24.85 so far during the day.

The stock had hit a 52-week high of Rs 37.85 on 17 May 2017 and a 52-week low of Rs 17.75 on 25 May 2017. It had outperformed the market over the past one month till 25 May 2017, surging 30.3% compared with the Sensex's 2.69% rise. The scrip had also outperformed the market over the past one quarter, advancing 60.75% as against the Sensex's 6.43% rise.

The small-cap company has equity capital of Rs 55.49 crore. Face value per share is Rs 1.

Shares of Sintex Industries are trading post-scheme of arrangement today, 26 May 2017 after the stock turned ex-scheme of arrangement yesterday, 25 May 2017, for the demerger of its plastics division.

The stock has rallied 68.8% in two trading sessions from its closing of Rs 17.95 on 24 May 2017. It had surged 43.73% in a single trading session yesterday, 25 May 2017 to settle at Rs 25.80 on turning ex-demerger scheme that day.

Sintex Industries' board, in September 2016, had approved a composite scheme of arrangement for the demerger of the 'custom moulding business' and the 'prefab business' from Sintex Industries to Sintex-BAPL and Sintex Infra Projects, respectively, each a wholly owned subsidiary of Sintex Plastics Technology (SPTL).

SPTL is expected to start trading on the stock exchanges in next 10-15 days, reports suggested.

Meanwhile, Credit Suisse (Singapore) sold 32.91 lakh shares of Sintex Industries at Rs 104.13 per share in a bulk deal on the NSE on 24 May 2017. On the same day, Merrill Lynch Markets Singapore Pte offloaded 30.17 lakh shares of the company at Rs 105.11.

Sintex Industries' consolidated net profit fell 78.7% to Rs 49.54 crore on 132.7% growth in net sales to Rs 661.40 crore in Q4 March 2017 over Q4 March 2016.

Sintex Industries is engaged in spinning, weaving and finishing of textiles.

Powered by Capital Market - Live News