Stovec Industries shines on getting nod to acquire service, spare parts business from SPGPrints BV

09 Apr 2019

Stovec Industries is currently trading at Rs. 2451.00, up by 81.45 points or 3.44% from its previous closing of Rs. 2369.55 on the BSE.

The scrip opened at Rs. 2409.00 and has touched a high and low of Rs. 2499.00 and Rs. 2409.00 respectively. So far 516 shares were traded on the counter.

The BSE group 'X' stock of face value Rs. 10 has touched a 52 week high of Rs. 3237.00 on 26-Apr-2018 and a 52 week low of Rs. 2211.00 on 23-Jul-2018.

Last one week high and low of the scrip stood at Rs. 2499.00 and Rs. 2352.00 respectively. The current market cap of the company is Rs. 511.77 crore.

The promoters holding in the company stood at 71.06%, while Institutions and Non-Institutions held 0.10% and 28.84% respectively.

Stovec Industries has received approval for the acquisition of Service and Spare Parts Business relating to Rotary Printing Equipment, which includes Designs and Drawings, Customer and Supplier Database and other related assets, each of which forms an integral part of the Service and Spare Parts Business (Service and Spare Parts Business) from SPGPrints B.V., the Holding Company of the Company.

The price for acquisition of Service and Spare Parts Business of SPGPrints is Euro 2.49 million (Equivalent to around Rs 19.90 crore). The Board of Directors of the Company at its meeting held on April 05, 2019 has approved the same.

Stovec Industries is an India-based company, which is engaged in the development and production of consumables for their use in textile and graphic printing industry.

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