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Stock Report
Nagpur Power And Industries Ltd to increase stake in The Motwane Manufacturing Company Pvt Ltd to 75.46%
Posted On : 2021-04-11 10:57:01( TIMEZONE : IST )
Nagpur Power And Industries Limited (MMCPL) has got the approval from the board of "The Motwane Manufacturing Company Private Limited" on April 09, 2021 to purchase shares from one of the existing shareholder of "The Motwane Manufacturing Company Private Limited". Further, the company has initiated the procedure for transfer of shares in demat mode, the said transaction will be completed by next week. Once the transfer is completed the Company's shareholding will be increased from 72.89% to 75.46% in the subsidiary Company.
The Company purchased 2.57% shares of the said company i.e. 12,000 Equity Shares of Rs.100/- each. Thus the holding of the Company will be increased from 72.89% to 75.46%.
The purchase consideration for the shares acquired is Rs. 1,20,00,000/-. The purchased price per shares is Rs. 1000 (Face Value Rs. 100 and Premium Rs. 900 per share).
MMCPL is an R & D based company and has developed various high technology test and Measurement products which have applicability in the domestic and international markets. The company's products are sold primarily to the power sector and energy intensive industries. The company expects gradual pick up in its order book due to growth and reform in the distribution sector in which the company operates. Alternatively, it is exploring its potential in the IOT space in adjacent areas like smart lighting and other IOT related industrial solutions. MMCPL has also started export operations during the year and has successfully exported to 10 countries during the financial year 2020-21.
The turnover of the company for the financial year 2019-20, 2018-19 and 2017-18 were 3068.06 Lakhs, 4053.20 Lakhs and 2966.70 Lakhs respectively.
Shares of NAGPUR POWER & INDUSTRIES LTD. was last trading in BSE at Rs.33.75 as compared to the previous close of Rs. 34.5. The total number of shares traded during the day was 607 in over 15 trades.
The stock hit an intraday high of Rs. 35.2 and intraday low of 32.8. The net turnover during the day was Rs. 20095.
