Indian Wood Products rises on entering into MoU with Commercial Motors
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The Indian Wood Products Company is currently trading at Rs. 27.50, up by 0.25 points or 0.92% from its previous closing of Rs. 27.25 on the BSE.
The scrip opened at Rs. 28.00 and has touched a high and low of Rs. 28.00 and Rs. 27.25 respectively. So far 1104 shares were traded on the counter.
The BSE group 'X' stock of face value Rs. 2 has touched a 52 week high of Rs. 45.95 on 04-Feb-2022 and a 52 week low of Rs. 23.10 on 16-Nov-2022.
Last one week high and low of the scrip stood at Rs. 29.25 and Rs. 26.20 respectively. The current market cap of the company is Rs. 178.16 crore.
The promoters holding in the company stood at 71.12%, while Institutions and Non-Institutions held 0.32% and 28.56% respectively.
The Indian Wood Products Company has entered into a Memorandum of Understanding (MoU) with Commercial Motors, a Registered Partnership firm, having place of business at Rampur Road, Bareilly (hereinafter referred to as Developer), to explore the possibilities of real estate development at the Company unused idle land at the Company’s plant at Izzatnagar Bareilly, Uttar Pradesh, admeasuring 83,612 Sq Mtrs.
This MoU is valid for six months within which the Developer shall to submit a proposal/feasibility report for the development of the project. The company has not executed any development agreement nor given any right over the company’s land to the developer.
The company is mainly into the business of production, processing and marketing of high quality Katha (Catechu) and Cutch.
