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Rain Ind spurts on incorporating new subsidiary

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Rain Industries surged 6.76% to Rs 161.10 after the company said it has incorporated a wholly-owned subsidiary, Rain Verticals, on 6 April 2021.

Rain Verticals was incorporated to carry on the business of vertical farming, research and development for development of vertical farming and lithium ion high energy density cells and undertake operations in logistics. Rain Industries has invested Rs 10 lakh in cash for 100% stake of its newly incorporated company.

Rain Industries' consolidated net profit surged 164.7% to Rs 321.99 crore on 6.7% decrease in net sales at Rs 2,640.23 crore in Q4 December 2020 over Q4 December 2019.

Rain Industries is a vertically integrated global producer of a diversified portfolio of products that are essential raw materials. It operates in three business segments: carbon, advanced materials and cement.

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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: Wed, April 07 2021. 15:24 IST