Indrayani Biotech trades higher on entering into MoU with Dindigul Farm Product
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Indrayani Biotech is currently trading at Rs. 30.50, up by 0.40 points or 1.33% from its previous closing of Rs. 30.10 on the BSE.
The scrip opened at Rs. 30.45 and has touched a high and low of Rs. 30.60 and Rs. 30.35 respectively. So far 2863 shares were traded on the counter.
The BSE group 'XT' stock of face value Rs. 10 has touched a 52 week high of Rs. 33.45 on 05-Apr-2022 and a 52 week low of Rs. 4.75 on 31-May-2021.
Last one week high and low of the scrip stood at Rs. 31.00 and Rs. 29.05 respectively. The current market cap of the company is Rs. 110.75 crore.
The promoters holding in the company stood at 48.81%, while Institutions and Non-Institutions held 22.04% and 29.15% respectively.
Indrayani Biotech has entered into a Memorandum of Understanding (MoU) with Dindigul Farm Product on May 18, 2022. As a part of understanding, the company will conduct a due diligence exercise and based on mutual agreements, shall make investments in the said company. Any potential association shall be subject to successful completion of due diligence process, capacity and capability of the company and receipt of approval in accordance with SEBI regulations and statutory compliances.
A successful association shall be a feather in the cap of the company and shall enable entry into protein based products domain.
Indrayani Biotech is a company belonging to food sector. They are a part-finance its project to produce cut flowers, strawberries, tissue culture plantlets and hybrid vegetable seeds. The company also markets and distributes hybrid vegetable seeds manufactured by Hoechst India. It plans to produce these seeds for Hoechst in due course of time.
