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Binani Industries gains on receiving nod to merge WIEL with itself

12 Nov 2013 Evaluate

Binani Industries is currently trading at Rs. 75.00, up by 0.70 points or 0.94% from its previous closing of Rs. 74.30 on the BSE.

The scrip opened at Rs. 75.00 and has touched a high and low of Rs. 75.00 and Rs. 75.00 respectively.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 157.40 on 26-Dec-2012 and a 52 week low of Rs. 52.50 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 75.95 and Rs. 69.85 respectively. The current market cap of the company is Rs. 221.00 crore.

The promoters holding in the company stood at 51.28% while Institutions and Non-Institutions held 6.22% and 42.51% respectively.

Binani Industries has decided to merge Wada Industrial Estate (WIEL), a wholly owned subsidiary with the company effective December 01, 2013. The board of directors at its meeting held on November 11, 2013 has approved for the same.

Binani Industries is the holding company of the $1.6-billion Braj Binani Group. The business portfolio of Binani Industries includes sectors like cement, zinc, glass-fiber and downstream composite products.

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