Sintex Plastics Technology hits upper circuit of 5% on debut

STOCK MARKET - Sintex Plastics Technology is locked in upper circuit of 5% at Rs 136.50 on BSE. The stock opened at Rs 130, and has seen no sellers on the counter.

Till 10:17 am; a combined 8.35 million shares changed hands and there were pending buy orders for 5.43 million shares on the BSE and NSE. Shares of Sintex Plastics are admitted to dealings on the exchange in the list of T group of securities.

Sintex Plastics makes prefabricated structures, custom moulding and storage tanks.

In September 2016, the board of directors of Sintex Industries approved the composite scheme of arrangement for the demerger of custom moulding business and prefab business from Sintex Industries to Sintex-BAPL and Sintex Infra Projects, respectively.

Both demerged companies are wholly-owned subsidiary of Sintex Plastics Technology. With this demerger plan, Sintex intends to streamline various businesses developed by the Group.

Upon demerger, shareholders of Sintex Industries got one equity share from Sintex Plastics Technology for one share held in company.

Sintex Industries was trading 3.5% lower at Rs 34.90 on BSE, after hitting a high of Rs 37.40 in intra-day trade.

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