Borosil takes 60% in Klasspack, stock surges 7%

Shares of Borosil Glass Works today ended the day with gains of nearly 7 per cent after the company acquired 60 per cent in glass packaging firm Klasspack.
The company today said it has acquired 60.3 per cent shares in Nashik-based Klasspack, a glass packaging firm, for an undisclosed amount.
Following the announcement, shares of the company surged 11.69 per cent to touch an intra-day high of Rs 4,540.60. At the end of today's trading session, the stock quoted at Rs 4,348, up 6.90 per cent, on BSE.
The uptrend in the stock assumes significance as the broader market settled in the negative zone, down 48.74 points, at 28,003.12.

The move would help the firm tap the primary glass packaging market of pharma majors, a company statement said.
Borosil MD Shreevar Kheruka said: "Our investment will help Klasspack ramp up facilities and production to give our current pharmaceutical customers a high quality choice for sourcing their pharmaceutical packaging needs."
Klasspack MD Prashant Ami said: "Klasspack will enormously benefit from Borosil's brand equity and market reach while Borosil will be able to leverage Klasspack's manufacturing set-up and product development capability to expand offerings and augment their product portfolio.