Sunday , October 24 2021

Laxmi Organic Industries rises on getting nod to set up WOS company in US

Laxmi Organic Industries is currently trading at Rs. 223.00, up by 3.15 points or 1.43% from its previous closing of Rs. 219.85 on the BSE.

The scrip opened at Rs. 221.95 and has touched a high and low of Rs. 225.80 and Rs. 221.10 respectively. So far 46776 shares were traded on the counter.

The BSE group ‘B’ stock of face value Rs. 2 has touched a 52 week high of Rs. 237.85 on 04-May-2021 and a 52 week low of Rs. 143.00 on 25-Mar-2021.

Last one week high and low of the scrip stood at Rs. 227.00 and Rs. 216.15 respectively. The current market cap of the company is Rs. 5871.77 crore.

The promoters holding in the company stood at 72.92%, while Institutions and Non-Institutions held 11.59% and 15.49% respectively.

Laxmi Organic Industries’ board has approved proposal to set-up a Wholly Owned Subsidiary (WOS) company in Delaware, United States. The WOS will be engaged in trading of chemical products manufactured by the company. The company shall invest in the WOS either in equity or by way of loan for an amount not exceeding $1.00 million. The Board of Directors of the company at its meeting held on May 18, 2021 has approved the same.

Laxmi Organic Industries is a leading manufacturer of acetyl intermediates and specialty intermediates and solvents catering to diverse end-market sectors like pharmaceuticals, agrochemicals, food packaging, pigments and coatings.

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