Signet Industries shines on getting nod to acquire engineering business of Adroit Industries

17 Feb 2016

Signet Industries is currently trading at Rs. 48.00, up by 3.20 points or 7.14% from its previous closing of Rs. 44.80 on the BSE.

The scrip opened at Rs. 43.70 and has touched a high and low of Rs. 49.25 and Rs. 40.35 respectively. So far 476501 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 74.50 on 29-Jan-2016 and a 52 week low of Rs. 10.00 on 09-Apr-2015.

Last one week high and low of the scrip stood at Rs. 66.80 and Rs. 38.60 respectively. The current market cap of the company is Rs. 1309.04 crore.

The promoters holding in the company stood at 73.36% and Non-Institutions 26.64 %.

Signet Industries’ has received its board approval to acquire the engineering business of Adroit Industries (India), a promoter group company, on slump sale basis, through its 100 per cent subsidiary Adroit Drivelines.

The company’s board gave its approval for the same at its meeting held on February 16, 2016. The Board also gave its consent to issue equity shares by way of private placement/ preferential allotment. However, the quantum of such issue was not specified.

Signet Industries is engaged in the manufacture, trade, and export of poly products in India. It distributes HDPE, LDPE, PVC, PP, and PET resins.

 

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323
Research Analyst - INH000000719

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