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Finolex Ind gains as board approves to sell Pune land

Capital Market 

Finolex Industries rose 1.14% to Rs 194.95 after the company said it plans to sell a 70-acre land in Pune for Rs 725 crore.

The company's board on 15 September 2021 approved the proposal to transfer leasehold rights in the land admeasuring approximately 70 acres along with the structures standing thereon located at D-1/10, M.I.D.C, Chinchwad, Pune.

The land is proposed to be sold for a total consideration not less than Rs 725 crore to be received in one or more tranches. The proposal is subject to necessary due diligence, approvals, consents, permissions from the concerned authorities including MIDC.

On a consolidated basis, net profit of Finolex Industries rose 156.56% to Rs 145.52 crore on 71.81% rise in net sales to Rs 965.72 crore in Q1 June 2021 over Q1 June 2020.

Finolex Industries is India's largest and only backward integrated PVC pipes and fittings manufacturer.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, September 16 2021. 09:38 IST