Sintex Industries rose 2.6% to Rs 88.70 at 13:56 IST on BSE, after the company's wholly owned subsidiary announced acquisition of SIMONIN group.
The announcement was made after market hours on Friday, 25 July 2014.
Meanwhile, the S&P BSE Sensex was down 161.91 points or 0.62% at 25,964.84
On BSE, so far 4.37 lakh shares were traded in the counter as against average daily volume of 13.15 lakh shares in the past one quarter.
The stock hit a high of Rs 90.35 and low of Rs 87.20 so far during the day. The stock had hit a 52-week low of Rs 16.90 on 4 September 2013. The stock had hit 52-week high of Rs 107.45 on 10 June 2014.
The stock had underperformed the market over the past one month till 25 July 2014, falling 9.38% compared with 3.21% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, surging 84.13% as against Sensex's 15.16% rise.
More From This Section
The small-cap company has equity capital of Rs 33.06 crore. Face value per share is Re 1.
Sintex Industries after market hours on Friday, 25 July 2014 acquired 100% equity stake in France-based SIMONIN group, a manufacturer of metal and plastic sub-assemblies and technical components, for a cash consideration of euro 18 million. The deal is struck through Sintex Industries wholly owned subsidiary Sintex NP SAS France. The acquisition will help the company to expand its products portfolio of metal parts like moulded products and move up the supplier value chain, Sintex Industries said. Also, the deal will help integrate French and Indian plants to offer products and services with bouquet of manufacturing footprint across with wide variety of technologies and capabilities with differential cost basis.
"The acquisition is a strategic move towards consolidating our positioning in the European continent," Amit Patel, MD, Sintex Industries, said in a statement. "I strongly believe the acquisition entails horizontal integration for our business to emerge as a formidable player in global product portfolio", he added.
Founded in 1926, SIMONIN is a French industrial company and employs 500 people spread over the sites of Beure, Saone and Saint-Vit (within the Besancon area, centre of excellence for micro mechanics), Miniac-Morvan and Mohammedia (Morocco).
Sintex Industries' consolidated net profit rose 6.8% to Rs 161.17 crore on 42% growth in net sales to Rs 1982.94 crore in Q4 March 2014 over Q4 March 2013.
Sintex Industries is a dominant player in the plastics and textile business segments
Powered by Capital Market - Live News