Birla Cable jumps on incorporating subsidiary company in Dubai
Birla Cable is currently trading at Rs. 107.55, up by 3.05 points or 2.92% from its previous closing of Rs. 104.50 on the BSE.
The scrip opened at Rs. 113.50 and has touched a high and low of Rs. 113.50 and Rs. 105.25 respectively. So far 22079 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 123.00 on 22-Jun-2021 and a 52 week low of Rs. 54.00 on 19-Apr-2021.
Last one week high and low of the scrip stood at Rs. 113.50 and Rs. 89.40 respectively. The current market cap of the company is Rs. 324.90 crore.
The promoters holding in the company stood at 66.35%, while Institutions and Non-Institutions held 0.01% and 33.64% respectively.
Birla Cable has incorporated wholly owned subsidiary company namely ‘Birla Cable Infrasolutions DMCC’ at Dubai Multi Commodity Zone, Dubai (U.A.E). The incorporation is to carry out Liasioning, Business Development and Trading predominantly of all types of wires and cables including but not limited to optical fibre cables, telecommunication cables, data cables, structured cables, solar cables, railway cables, control cables etc. Cost of acquisition is Emirati Dirham 50000.
Birla Cable (Formerly known as Birla Ericsson Optical Limited) is a premier company in the field of Telecommunication Cables, which offers one of widest portfolio of Copper and Fibre Optic cables under its umbrella.
