Hindustan Composites surges on inking pact to acquire stake in Swiggy
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Hindustan Composites is currently trading at Rs. 617.95, up by 35.30 points or 6.06% from its previous closing of Rs. 582.65 on the BSE.
The scrip opened at Rs. 620.00 and has touched a high and low of Rs. 633.00 and Rs. 608.90 respectively. So far 3341 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. 633.00 and Rs. 578.60 respectively. The current market cap of the company is Rs. 860.52 crore.
The promoters holding in the company stood at 74.97%, while Institutions and Non-Institutions held 0.01% and 25.01% respectively.
Hindustan Composites has entered into a share purchase agreement with Swiggy to acquire its 1.5 lakh Equity Shares of Rs 1 each by making an investment of Rs 5.17 crore. The equity shares acquired shall form part of the investment of the company with view to gain long term / short term investment benefits. The acquisition is to be completed on or before November 30, 2024.
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.
