Laxmi Organic Industries rises on inking pact with Welspun Corp for purchase of land
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Laxmi Organic Industries is currently trading at Rs. 340.20, up by 0.80 points or 0.24% from its previous closing of Rs. 339.40 on the BSE.
The scrip opened at Rs. 340.05 and has touched a high and low of Rs. 343.00 and Rs. 336.50 respectively. So far 18207 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 597.30 on 05-Oct-2021 and a 52 week low of Rs. 274.35 on 15-Jul-2022.
Last one week high and low of the scrip stood at Rs. 350.00 and Rs. 328.45 respectively. The current market cap of the company is Rs. 9063.20 crore.
The promoters holding in the company stood at 72.53%, while Institutions and Non-Institutions held 3.82% and 23.66 % respectively.
Laxmi Organic Industries has entered into a Memorandum of Agreement on September 30, 2022 with Welspun Corp for purchase of land, civil structures (excluding plant & machinery) of Welspun’s unit situated in the Dahej, in the state of Gujarat.
The consideration to be paid under the Memorandum of Agreement is Rs 130 crore. The Company does not hold any shares in the shareholding of the Welspun.
Laxmi Organic Industries is a leading manufacturer of acetyl intermediates and specialty intermediates and solvents catering to diverse end-market sectors like pharmaceuticals, agrochemicals, food packaging, pigments and coatings.
