Sintex Industries remains top gainer

Sintex Industries has been the top gainer on the BSE since the opening bell. The stock hit an intra day high at Rs.30.90, up almost 20% and so close to its 52-week high of Rs.37.85.

The restructuring is the reason for this top spot amongst gainers. If one may recollect, the company last year had announced a restructuring – it demerged its ‘custom moulding’ business into a new wholly owned subsidiary, Sintex-BAPL and the ‘prefab’ business to another wholly owned subsidiary, Sintex Infra Projects (STPL). So what we are seeing on the bourses today is the newly adjusted post demerger price of Sintex Industries.

It has fixed May 26, 2017 as the record date. Under the said scheme of arrangement, shareholders of Sintex Industries will get one share of Sintex Plastic Technology for every share of Sintex Industries held on the record date.

Later, it is proposed to list the shares of SPTL on the BSE and the National Stock Exchange.