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Somany Ceramics surges on entering into MoU for acquiring 26% stake in CVPL

10 Apr 2012

Somany Ceramics is currently trading at Rs. 41.75, up by 0.60 points or 1.46% from its previous closing of Rs. 41.15 on the BSE.

The scrip opened at Rs. 40.00 and has touched a high and low of Rs. 41.75 and Rs. 40.00 respectively. So far 153 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 57.50 on 29-Jul-2011 and a 52 week low of Rs. 28.50 on 09-Jan-2012.

Last one week high and low of the scrip stood at Rs. 42.50 and Rs. 39.00 respectively. The current market cap of the company is Rs. 140.23 crore.

The promoters holding in the company stood at 63.31% while Institutions and Non-Institutions held 0.63% and 36.06% respectively.

Somany Ceramics has entered into a Memorandum of Understanding (MOU) with Commander Vitrified (CVPL) and its Promoters to acquire equity stake of 26% in CVPL at a total consideration of Rs 3.25 crore with an option to further increase the same up to 51%.

CVPL is at an advanced stage of setting up a new plant to manufacture about 2.65 million square meters of vitrified tiles (polished and glazed) per annum at Morbi (Gujarat). The plant is expected to commence production by the end of May 2012. This strategic stake will give complete access to the company to procure and sell the entire quantity of vitrified tiles to be manufactured by CVPL.

Somany Ceramics is a pioneering manufacturer, supplier and exporter of Floor Tiles, Wall Tiles, Sanitary Ware including urinals, basins, etc. Somany strives to bring its customers floor, wall, vitrified, ceramic, porcelain and innovative tiles that are the very latest in the world.

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323