Indo Rama Synthetics surges on getting nod to incorporate wholly owned subsidiaries
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Indo Rama Synthetics is currently trading at Rs. 63.25, up by 1.35 points or 2.18% from its previous closing of Rs. 61.90 on the BSE.
The scrip opened at Rs. 61.10 and has touched a high and low of Rs. 64.95 and Rs. 61.10 respectively. So far 2397 shares were traded on the counter.
The BSE group 'B ' stock of face value Rs. 10 has touched a 52 week high of Rs. 90.25 on 18-Jan-2022 and a 52 week low of Rs. 48.60 on 20-Dec-2021.
Last one week high and low of the scrip stood at Rs. 66.70 and Rs. 55.25 respectively. The current market cap of the company is Rs. 1676.35 crore.
The promoters holding in the company stood at 75.00%, while Institutions and Non-Institutions held 3.27% and 21.72% respectively.
Indo Rama Synthetics (India) has received approval from the Ministry of Corporate Affairs for incorporation of Wholly Owned Subsidiaries of the Company on December 17, 2022, namely ‘lndorama Sustainable Polymers (India)’ and ‘lndorama Sustainable Polyester Yarns’.
lndorama Sustainable Polymers (India) shall carry out business to explore business operation of converting flakes into chips. lndorama Sustainable Polyester Yarns shall carry out business to manufacture partially oriented yarns from Flakes Chips and also to explore manufacturing operation relating to Partially Oriented Yarn and fully drawn yarn through its Polymerization line.
Indo Rama Synthetics is India's largest dedicated polyester manufacturer. Incorporated in 1989, the company has an integrated production facility in Butibori, near Nagpur, Maharashtra. Its largest product gamut comprises of Polyester Stable Fibre (PSF), Polyester Filament Yarn (PFY), Draw Texturised Yarn (DTY), Fully Drawn Yarn and Textile Grade Chips.
