Pidilite Industries gains on launch of 2 new JV units with Italian firms

The share touched a 52-week high of Rs 2,916.85 on September 15, 2022 and a 52-week low of Rs 2,009.80 on June 20, 2022.

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Pidilite Industries’ share price gained in the early trade on June 21 after the company said it had launched two units set up in joint ventures with Italian firms, which includes the transfer of technology as well.

Pidilite Industries launched its state-of-the-art manufacturing facilities under its two joint ventures, Pidilite Litokol Pvt Ltd (PLPL) and Tenax Pidilite Pvt Ltd (TPPL), in Gujarat’s Amod, the company said in its regulatory filing.

Litokol SPA Italy and Tenax SPA Italy have transferred technology to Pidilite as part of the arrangement.

This event signifies a milestone development in technology transfer in India’s stone and ceramic solutions industry. Tenax offers some of the best product solutions for the installation and upkeep of marble and granite stones, company said.

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“At Pidilite, we continuously strive to innovate and lead the way in all our categories and product offerings. Roff, our pioneering brand, is a true game-changer that aims to revolutionise the stone and tile fixing industry in India. The joint ventures with Tenax and Litokol reiterate our commitment to redefine industry standards and delivering world-class solutions,” Pidilite Industries Managing Director Bharat Puri.

“Given our robust distribution network and this global expertise, we will empower our customers with new age and long-lasting solutions. This partnership marks a significant milestone as we stride confidently towards a future of success. We congratulate the teams of Roff, Litokol, and Tenax for their outstanding efforts in making this journey possible,” he added.

At 9.24 am, Pidilite Industries was quoting at Rs 2,689.70, up Rs 10.65, or 0.40 percent on the BSE.

The share touched a 52-week high of Rs 2,916.85 on September 15, 2022 and a 52-week low of Rs 2,009.80 on June 20, 2022. It is trading 7.79 percent below its 52-week high and 33.83 percent above its 52-week low.