SRF in limelight

SRF was in the limelight, albeit for a short time today; the stock opened over 1% higher at Rs.2492.85, its intraday high for the day from where profit booking came in and the stock is now trading at Rs.2470 levels. Its 52-week high stands at Rs.2636.65.

The stock price reacted positively to the company commissioning its aluminum foil manufacturing facility, a wholly -owned subsidiary, SRF Altech Limited, at a cost of Rs 536 crore.

The company had recently infused additional equity share capital worth Rs 355 crore in SRF Altech, via a rights issue. SRF Altech had subscribed to 35.5 crore fully paid-up equity shares of Rs 10 each in cash. The funds will be utilised to repay the existing debt of the subsidiary without impacting overall projected debt levels for SRF.