Sintex Industries surges ex-demerger

Sintex Industries jumped 40.48% to Rs 26.20 at 12:48 IST on BSE as the stock is trading ex-scheme of arrangement today, 25 May 2017, for the demerger of its plastics division.

Meanwhile, the S&P BSE Sensex was up 159.25 points or 0.53% at 30,460.89.

On the BSE, 3.46 crore shares were traded on the counter so far as against the average daily volumes of 12.15 lakh shares in the past one quarter. The stock had hit a high of Rs 34.50 and a low of Rs 17.75 so far during the day.

The record date for the demerger of plastics division of Sintex Industries is tomorrow, 26 May 2017.

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 yesterday, 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.

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