Uniply Industries nudges higher after forming subsidiary

Uniply Industries rose 1% to Rs 451.05 at 10:53 IST on BSE after the company said that it has incorporated a wholly owned subsidiary company namely Uniply Blaze.

The announcement was made after market hours yesterday, 26 February 2018.

Meanwhile, the S&P BSE Sensex was down 16.02 points, or 0.05% to 34,429.73. The S&P BSE Small-Cap index was up 17.20 points, or 0.09% to 18,171.32, outperforming the Sensex.

On the BSE, 59 shares were traded in the counter so far, compared with average daily volumes of 11,247 shares in the past one quarter. The stock had hit a high of Rs 453.35 and a low of Rs 451.05 so far during the day. The stock had hit a record high of Rs 485 on 16 February 2018. The stock had hit a 52-week low of Rs 235 on 24 August 2017.

The stock had outperformed the market over the past one month till 26 February 2018, rising 15.45% compared with the Sensex's 4.45% drop. The scrip had also outperformed the market in past one quarter, gaining 13.37% as against Sensex's 2.28% rise. The scrip had also outperformed the market in past one year, gaining 48.17% as against Sensex's 19.22% rise.

The small-cap company has equity capital of Rs 23.91 crore. Face value per share is Rs 10.

Uniply Industries said that the company has incorporated a wholly owned subsidiary company namely Uniply Blaze to enhance the mechanical, electrical, plumbing and communication verticals of the company. The company is yet to commence its business operations.

Uniply Industries' consolidated net profit rose 65.5% to Rs 8.49 crore on 18.3% rise in net sales to Rs 102.50 crore in Q3 December 2017 over Q3 December 2016.

Uniply Industries is engaged in the manufacture, marketing and trade of plywood, laminates and allied products in India.

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