Duroply Industries shares hit upper circuit after Board approves sale of tea processing business
The Board of Directors has considered and approved the proposal for sale of its tea processing business of the company subject to approval of the shareholders of the company by way of slump sale.
September 25, 2020 / 10:29 AM IST
Duroply Industries share price surged 20 percent hitting upper circuit of Rs 38.90 per share on BSE after the Board approved the sale and transfer of company's tea Processing business.
The Board of Directors of Duroply Industries at its Meeting held on September 24, 2020 has considered and approved the proposal for sale of its tea processing business of the company subject to approval of the shareholders of the company by way of slump sale as a going concern on as is and where is basis, the company said in an exchange filing.
The expected date of completion of sale/disposal is within three months subject to receipt of regulatory approvals. The amount of consideration for the transfer shall be Rs 22 crore subject to adjustments as per the signed agreement, the company added.
The stock price was trading at Rs 38.90, up Rs 6.45, or 19.88 percent at 10:07 hours. It has touched an intraday high of Rs 38.90 and an intraday low of Rs 36.05. There were pending buy orders of 20,573 shares, with no sellers available.
According to Moneycontrol SWOT Analysis powered by Trendlyne, the company has zero promoter pledge. The stock is showing strong momentum with price above short, medium and long term moving averages.
Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.