Hindustan Composites rises on getting nod to commence business of trading in metals, commodities
Hindustan Composites is currently trading at Rs. 435.00, up by 5.25 points or 1.22 % from its previous closing of Rs. 429.75 on the BSE.
The scrip opened at Rs. 447.30 and has touched a high and low of Rs. 447.30 and Rs. 431.95 respectively. So far 2308 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 669.90 on 20-Aug-2024 and a 52 week low of Rs. 370.00 on 05-Jun-2024.
Last one week high and low of the scrip stood at Rs. 454.00 and Rs. 427.20 respectively. The current market cap of the company is Rs. 642.45 crore.
The promoters holding in the company stood at 74.98%, while Institutions and Non-Institutions held 0.01% and 25.01% respectively.
Hindustan Composites has received approval from board of directors to commence the business of trading in metals and commodities. By entering into the business of trading in metals / commodities, the Company will be able to increase its profitability. It will also introduce a new revenue stream for the Company.
Initially, the Company plans to invest up to an amount of Rs 25 crore in this business and may increase its investment gradually as scale of operation increases.
Hindustan Composites is engaged in the business of manufacturing and marketing of fibre based friction material, consisting of Brake Liners, Roll Lining, Brake Block, Clutch Facing etc and investment of its surplus fund.
