Sintex Industries surges 14% on bulk deals

NEW DELHI: Shares of Sintex Industries surged nearly 14 per cent in Thursday’s trade after Morgan Stanley bought nearly 36 lakh shares in the company in a bulk deal on Wednesday.

Data showed Morgan Stanley (France) SAS bought 35,69,625 Sintex shares on Wednesday at an average price of Rs 28.95. Besides, Adroit Financial Services was seen buying 31,40,067 of the company’s shares at Rs 28.39 and selling 30,16,796 shares at an average price of Rs 28.50.

On Thursday, the stock jumped 13.72 per cent to hit a high of Rs 33.55 on BSE.

The net debt for the firm, after the recent restructuring stand, at little more than 200 per cent of its annual sales, an analyst told the ET last week.

A lot more conversion of foreign loans into equity is still pending and therefore, substantial dilution of equity is possible in future, he said.