Supreme Industries hits 52-week high on buying PVC pipes business for Rs 235 crore

Supreme Industries has signed a Memorandum of Understandings (MOUs) subject to due diligence with Parvati Agro Plast (Proprietorship Firm) and with a member belonging to the same family for acquisition of its PVC-O, HOPE, and PVC Pipes business, on slump sale basis.

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Supreme Industries shares rallied nearly 2 percent to hit the 52-week high of Rs 4,564.20 in early trade on August 25 after the company acquired Parvati Agro Plast’s PVC Pipes business for Rs 235 crore.

Supreme Industries has signed a contract, subject to due diligence with Parvati Agro Plast (a proprietorship firm) and with a member belonging to the same family for acquisition of its PVC-O, HOPE, and PVC Pipes business, on a slump sale basis.

It comprises all tangible fixed assets, tools, moulds and dies, spare parts, all intangible fixed assets, including trademarks and intellectual property rights, all licences, approvals and permissions, contract for power and other utilities and all material contracts, orders and rate contracts in hands of about Rs 235 crore, including adjoining contiguous land admeasuring 7.76 acres at an aggregate cash consideration of Rs 171 crore.

The acquisition of Parvati Agro Plast Business would result in increasing the capacity of the Piping Division by 36,000 MT per annum and would also make O-PVC Pipe technology available to the company.

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The company had posted marginal rise in its June quarter net profit at Rs 215.54 crore, while revenue was up 7.3 percent at Rs 2,368.58 crore.

Supreme Industries shares will be added to the MSCI India Index from close of August 31, 2023.

MSCI Global Standard Index is widely used by global fund houses for benchmarking global equities portfolios.