Hindustan Composites rallied 4.41% to Rs 608.35 after company informed that it has entered into a share purchase agreement to acquire a small stake in Swiggy by making an investment of Rs 5.175 crore.
Swiggy is an Indian online food ordering and delivery company operates as a marketplace for ordering and delivering food, providing online grocery delivery services and same-day package deliveries Services along with other services for consumer convenience. Its turnover for FY23 was Rs 4653.30 crore.The equity shares acquired shall form part of the investment of the company with view to gain long term or short-term investment benefits.
The company will acquire 0.01% stake or 1,50,000 equity shares of Swiggy for total consideration of Rs 5.175 crore. The said acquisition will be completed by 30 November 2024.
Hindustan Composites is engaged in the business of manufacturing and marketing of fibre-based friction material, consisting of Brake Liners, Roll Lining, Brake Block, Clutch Facing etc and investments.
The companys consolidated net profit declined 13.6% to Rs 8.67 crore in Q1 FY25 as against Rs 10.04 crore in Q1 FY24. Net sales was at Rs 77.15 crore in Q1 FY25, up 1.9% year on year.
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