Borosil Glass Works rose 6.23% to Rs 4,321.10 at 12:06 IST on BSE after the company said it forayed into primary pharma glass packaging business by acquiring controlling stake in Nashik based Klasspack Pvt. Ltd.
The announcement was made during trading hours.Meanwhile, the BSE Sensex was up 34.62 points, or 0.12%, to 28,086.48.
On BSE, so far 3,773 shares were traded in the counter, compared with an average daily volume of 1,796 shares in the past one quarter. The stock hit a high of Rs 4,540.60 and a low of Rs 4,055.05 so far during the day. The stock hit a record high of Rs 4,989 on 18 May 2016. The stock hit a 52-week low of Rs 1,855 on 31 July 2015. The stock had underperformed the market over the past one month till 29 July 2016, rising 4.74% compared with 4.9% rise in the Sensex. The scrip had outperformed the market in past one quarter, rising 27.61% as against the Sensex's 9.55% rise.
The small-cap company has an equity capital of Rs 3.01 crore. Face value per share is Rs 10.
Borosil Glass Works has announced the acquisition of 60.3% stake in Klasspack for an undisclosed amount. While a majority of the funds were by way of primary infusion into the company, there was a smaller secondary purchase of shares as well. Klasspack, a closely held company with manufacturing facilities in Nashik, Maharashtra, is a leading manufacturer of glass ampoules and tubular glass vials used as primary packaging materials by pharmaceutical companies.
With compliance becoming increasingly stringent in the Indian pharmaceutical sector, Borosil plans to combine its technological expertise in specialty glass production with Klasspack's experience in world-class glass ampoule and tubular glass vial production to offer pharma majors a reliable partner to source their primary glass packaging. Borosil makes laboratory glassware for India's leading pharmaceutical companies, research laboratories, healthcare, science and educational institutes.
Net profit of Borosil Glass Works rose 16.68% to Rs 16.58 crore on 14.47% rise in net sales to Rs 63.93 crore in Q4 March 2016 over Q4 March 2015.
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