Navin Fluorine International soars on plan to form JVC with PEL

28 Aug 2014

Navin Fluorine International scrip is currently trading at Rs. 610.00, up by 17.00 points or 2.87% from its previous closing of Rs. 593.00 on the BSE.

The scrip opened at Rs. 622.65 and has touched a high and low of Rs. 622.65 and Rs. 605.25 respectively. So far 17262 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 659.70 on 20-Jun-2014 and a 52 week low of Rs. 161.20 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 622.65 and Rs. 579.50 respectively. The current market cap of the company is Rs. 598.36 crore.

The promoters holding in the company stood at 38.83% while Institutions and Non-Institutions held 13.66% and 47.51% respectively.

Navin Fluorine International, a Arvind Mafatlal Group Company, and Piramal Enterprises (PEL), one of India’s largest diversified companies, have agreed to form a joint venture company (JVC) to develop, manufacture and sell specialty Fluorochemicals with specific focus on applications in healthcare.

Piramal Enterprises will hold 51% of the equity share capital of the proposed Joint Venture Company and the remaining 49% will be held by Navin. In the first phase of development, the JVC is expected to invest around Rs 120 crore in India.

The strategic joint venture leverages Navin’s fluorochemicals capabilities and Piramal’s strong presence in healthcare. With the increasing importance of fluorine in life sciences, there is a considerable potential to exploit synergies between the two companies.

Navin Fluorine owns one of India’s largest integrated flurochemicals complexes. It produces a wide range of flurochemicals in the bulk and specialty segment. It has developed more than 40 products on commercial scale using indigenously built multipurpose plants and product technologies.

 

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Navin Fluorine Intl Share Price

885.35 -17.95 (-1.99%) Nov 22, 18:01
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