Sintex Industries gains over 7% ahead of listing of plastic division

NEW DELHI: Shares of Sintex Industries advanced over 7 per cent on Monday ahead of the listing of its plastic division on August 8.

Demerged entity Sintex Plastics Technology on August 4 announced that shares of the company will be listed on bourses on Tuesday.

According to BSE, shares of Sintex Plastics will be admitted to dealings on the exchange in the list of T Group of Securities.

Shares of Sintex Industries were trading 7 per cent up at Rs 35.95 in morning trade. It eventually ended the day 7.59 per cent higher at Rs 36.15 on BSE.

On the BSE, 45.69 lakh shares were traded on the counter so far as against the average daily volumes of 36.05 lakh shares in the past two weeks.

The stock had hit a 52-week high of Rs 38.55 on July 20, 2017 and 52-week low of Rs 17.75 on May 25, 2017.

For the quarter ended June 30, 2017, Sintex Industries reported a net profit of Rs 35.07 crore against net loss of Rs 2.55 crore in the corresponding quarter last year. Net sales of the company advanced 177.58 per cent year-on-year to Rs 687.56 crore for the quarter under review. It had reported net sales of Rs 247.70 crore in the corresponding quarter last year.