Finolex Industries advances on commencing commercial production of PVC pipes manufacturing plant at Masar

28 Mar 2013

Finolex Industries is currently trading at Rs 96.90, up by 2.25 points or 2.38% from its previous closing of Rs 94.65 on the BSE.

The scrip opened at Rs 94.50 and has touched a high and low of Rs 97.90 and Rs 94.15 respectively. So far 33823 shares were traded on the counter.

The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 102.10 on 12-Mar-2013 and a 52 week low of Rs 47.70 on 13-Apr-2012.

Last one week high and low of the scrip stood at Rs 95.95 and Rs 91.75 respectively. The current market cap of the company is Rs 1191.94 crore.

The promoters holding in the company stood at 52.39% while Institutions and Non-Institutions held 5.28% and 42.33% respectively.

Finolex Industries has commenced commercial production of PVC pipes at its state of the art PVC pipes manufacturing plant at Masar, near Vadodara, in the state of Gujarat. The company had entered into a MOU with Government of Gujarat during Vibrant Gujarat 2011 Summit for setting up of PVC pipes manufacturing plant at Masar. The plant is set up on an area of around 29 acres and the same will go into production in two phases.

With commissioning of the first phase at Maser, the company has increased its aggregate production capacity of PVC Pipes by about 30,000 MT per annum. In the second phase, the company will take up its capacity at Masar plant to 50,000 MT per annum during FY 2013-14. The aggregate production capacity for PVC pipes for Finolex Industries has gone up to over 200,000 MT per annum.

Finolex is the largest player in the fragmented and competitive PVC pipes and fittings market in India, with an overall share of around 22%. In addition, its established brand equity and large dealer network have enabled it to capture a significant share of the growing retail PVC pipe market

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