Supreme Industries surges on inking MoUs to acquire business of Parvati Agro Plast
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Supreme Industries is currently trading at Rs. 4506.40, up by 60.90 points or 1.37% from its previous closing of Rs. 4445.50 on the BSE.
The scrip opened at Rs. 4519.90 and has touched a high and low of Rs. 4564.20 and Rs. 4467.80 respectively. So far 9495 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 4564.20 on 25-Aug-2023 and a 52 week low of Rs. 1853.30 on 25-Aug-2022.
Last one week high and low of the scrip stood at Rs. 4564.20 and Rs. 4279.35 respectively. The current market cap of the company is Rs. 57272.60 crore.
The promoters holding in the company stood at 48.85%, while Institutions and Non-Institutions held 36.16% and 14.98% respectively.
Supreme Industries has signed a Memorandum of Understandings (MoUs) subject to due diligence with Parvati Agro Plast (Proprietorship Firm) and with a member belonging to the same family on August 24, 2023, for acquisition of its PVC-O, HDPE, and PVC Pipes business, on Slump Sale basis comprising of all tangible fixed assets, tools, moulds & dies, spare parts, all intangible fixed assets including trademarks & Intellectual property rights, all licenses, approvals & permissions, contract for power & other utilities and all material contracts, orders and rate contracts in hands of about Rs 235 crore including adjoining contiguous land at an aggregate cash consideration of Rs 171.00 crore.
The acquisition of Parvati Agro Plast Business would inter alia result in increasing the capacity of the Piping Division by 36,000 MT per annum and would also make O-PVC Pipe technology available to the Company. The acquisition will facilitate catering to bordering districts of Maharashtra and North Karnataka economically and efficiently.
Supreme Industries is India's leading plastic processing company with seven business divisions. The company has forayed into different types of plastic processing in Injection Moulding, Rotational Moulding (ROTO), Extrusion, Compression Moulding, Blow Moulding etc.
