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Shares of Supreme Industries hit a record high of Rs 4,480, as they surged 16 per cent on the BSE in Friday’s intra-day trade after the MSCI in its index revision said will include the stock in the MSCI Global Standard index with effect from September 1, 2023.
At 09:53 AM; the stock quoted 8.5 per cent higher at Rs 4,180, as compared to 0.40 per cent decline in the S&P BSE Sensex.
The MSCI Global Standard index, as part of its August review, shared a list of stocks that shall be included and excluded effective September 1, 2023. Around eight stocks will be make an entry to the index, which includes Power Finance Corporation (PFC), REC, HDFC Asset Management Company (AMC), IDFC First Bank, Astral, Cummins India, Supreme Industries, and Ashok Leyland. CLICK HERE FOR MORE DETAILS
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Meanwhile, thus far in the calendar year 2023, the stock price of Supreme Industries has zoomed 83 per cent, as compared to 7 per cent rise in the S&P BSE Sensex.
Supreme Industries is India’s leading plastics product manufacturer, offering a wide and comprehensive range of plastic products in India. The company operates in various product categories viz. Plastic Piping System, Cross Laminated Films & Products, Protective Packaging Products, Industrial Moulded Components, Moulded Furniture, Storage & Material Handling Products, Performance Packaging Films and Composite LPG Cylinders.
The management said the company’s furniture business is expected to grow well during the year backed by softening of PP prices and introduction of several premium products in the range.
In Industrial Component division, Passenger Vehicle segment in auto sector is continuing its bullish trend and expected to remain positive during the year. Impending festive season and overall positivity in the economy should help the appliance segment of the division gather steam going forward, the management said.
The Material Handling Division’s product portfolio is doing reasonably well keeping in pace with the major drivers of Material Handling products like Automobile, FMCG, Whitegoods and Retail. Composite LPG Cylinder division continues to supply new age composite LPG Cylinders to Indian Oil Corporation against its LOI as per schedule being received, the management said.
