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19-Nov2012

Astral Poly trades higher on the BSE

Astral Poly is currently trading at Rs. 365.00, up by 2.10 points or 0.58% from its previous closing of Rs. 362.90 on the BSE.

The scrip opened at Rs. 360.05 and has touched a high and low of Rs. 369.20 and Rs. 360.05 respectively. So far 2850 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 418.00 on 08-Nov-2012 and a 52 week low of Rs. 124.00 on 02-Jan-2012.

Last one week high and low of the scrip stood at Rs. 383.95 and Rs. 358.20 respectively. The current market cap of the company is Rs. 820.38 crore.

The promoters holding in the company stood at 63.82% while Institutions and Non-Institutions held 8.46% and 27.72% respectively.

The ambitious $245-million chlorinated polyvinyl chloride (CPVC) unit, proposed to be set up through a joint venture between billionaire investor Warren Buffet's firm -  Lubrizol Corporation and Ahmedabad-based Astral Poly Technik, has hit a legal hurdle, as mentioned in a report. The project is no longer feasible due to legal complexities associated with transportation of liquid chlorine, a key raw material for CPVC project.

Indian laws do not permit transportation of liquid chlorine through pipelines. Since, the company was planning to source liquid chlorine from nearby suppliers at Dahej through pipeline, the project turned unviable considering the legal barrier. However, there is little chance that the project can still take shape provided an additional investment for installing a chlorine gasification plant at the supplier end and then liquefying the gas at own premises is made.

Astral Poly Technik manufactures plumbing systems for residential and industrial applications. Astral is equipped with state of art production facilities at Ahmadabad and Himachal Pradesh to manufacture plumbing systems from 1/2” to 6” with all kinds of necessary fittings.

 


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