Sintex Plastics Rises 5% After Making Stock Market Debut
Sintex Plastics debuts at Rs 130 apiece on the stock market.
Shares of Sintex Plastics Technology Ltd. made their stock market debut at Rs 130 apiece after its demerger from the parent Sintex Industries Ltd.
The scrip rose 5 percent to hit a high of Rs 136.50 on the BSE as of 10:10 a.m.
The equity shares of Sintex Plastics Technology listed on the exchange in the list of T group (Trade-for-Trade) of securities. The scrip will trade in this segment for 10 trading days.
Last September, Sintex Industries’ board approved a plan to separate its non-textile business under Sintex Plastics and subsequently list the separated firm on BSE and National Stock Exchange this year.
Before the demerger, Sintex Plastic contributed 88 percent of revenue and 84 percent of earnings before interest, tax, depreciation and amortisation towards the parent company.
