Birla Corporation surges as its arm completes acquisition of 100% stake in Utility Infrastructure & Works
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Birla Corporation is currently trading at Rs. 1209.45, up by 30.00 points or 2.54% from its previous closing of Rs. 1179.45 on the BSE.
The scrip opened at Rs. 1171.05 and has touched a high and low of Rs. 1216.80 and Rs. 1166.05 respectively. So far 8979 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1649.00 on 09-Nov-2021 and a 52 week low of Rs. 898.45 on 13-Apr-2021.
Last one week high and low of the scrip stood at Rs. 1232.00 and Rs. 976.40 respectively. The current market cap of the company is Rs. 9286.84 crore.
The promoters holding in the company stood at 62.90%, while Institutions and Non-Institutions held 20.04% and 17.06% respectively.
Birla Corporation’s wholly owned material subsidiary -- RCCPL has completed the acquisition of 100% equity shares of Utility Infrastructure & Works, pursuant to a Share Purchase Agreement dated March 31, 2022. Accordingly, Utility Infrastructure & Works has become a wholly owned subsidiary of RCCPL and a step down wholly owned subsidiary of the Company with effect from March 31, 2022. Objects of acquisition is to secure certain financial assets of the company.
Birla Corporation is primarily engaged in the manufacturing of cement as its core business activity. It has significant presence in the jute goods industry as well.
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