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Shares of Grauer & Weil (India) zoomed 20 per cent to hit a new high of Rs 195.95 on the BSE in Thursday’s intra-day trade backed by heavy volumes after the company said it's board will meet on Monday, February 26 to consider maiden bonus issue.
The stock of commodity chemicals company at 11:32 am; was trading 14 per cent higher at Rs 185.40, as compared to 0.62 per cent rise in the S&P BSE Sensex. The average trading volumes at the counter jumped nearly 10-fold. As many as 988,000 shares changed hands on the BSE, as against an average sub 150,000 shares traded in past two weeks.
In an exchange filing, Grauer & Weil (India) said the board of directors of the company is scheduled to meet on Monday, February 26, 2024, to consider Issue of bonus shares to the shareholders of the company.
With today’s rally, thus far in the calendar year 2024 (CY24), the stock price of Grauer & Weil (India) has rallied 50 per cent. In comparison, the S&P BSE Sensex was down 0.4 per cent. In past one year, the stock appreciated by 112 per cent, as against 21 per cent rally in the benchmark index.
The company is engaged in the business of manufacturing and selling of Surface Finishings besides Engineering and Mall business. The Company presently has its manufacturing facilities in Dadra, Vapi (Gujarat), Barotiwala (Himachal Pradesh), Samba (Jammu & Kashmir) besides Engineering division at Khed (Pune District) and Mall at Kandivli (Mumbai).
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For the first nine months ended December 2023 (9MFY24), Grauer & Weil (India) reported profit after tax (PAT) of Rs 117 crore, against Rs 112.96 crore PAT recorded in the entire previous financial year 2023 (FY23).
Buoyed by strongly positive business sentiments, government initiatives for manufacturing (especially Atmanirbhar Bharat) and normalization of the business environment, the company is well-poised to grow.
In the area of Paint coatings, there are big opportunities in India due to huge investments in oil & gas, infrastructure and drinking water segment. The company already has strong presence in these markets and will continue to pursue strongly in these market segments. The outlook for Engineering division is positive with a strong enquiry base generated through extensive digital marketing and lead generation initiatives, the company had said in FY23 annual report.
