Confidence Futuristic Energetech Ltd announces takeover of Sarju Impex Ltd

Confidence Futuristic Energetech Limited, (a subsidiary of Confidence Petroleum India Ltd.) has taken over 75% equity of Sarju Impex Ltd., situated at Dahej SEZ in the state of Gujarat. The unit is operational and is engaged in the activity of manufacturing of high pressure oxygen and CNG cylinders.

The unit has the capacity to manufacture 1,80,000 high pressure oxygen and CNG cylinders per annum.

The Board of Directors mentioned that using the expertise with cylinder manufacturing, we will ensure that the Company will push for further easing the supply crunch of oxygen cylinders in this time of distress. We stand with the nation and consider this to be our national duty.

The acquisition is also a major step towards the integration plans within the CNG value chain and assist the CGD companies to expand their a station network through cascades and ensuring availability of CNG cylinders for automobile vehicle. Ensuring green and clean fuel is within reach of every citizen.

Shares of Confidence Futuristic Energetech Ltd was last trading in BSE at Rs.37.05 as compared to the previous close of Rs. 35.3. The total number of shares traded during the day was 36718 in over 4 trades.

The stock hit an intraday high of Rs. 37.05 and intraday low of 37.05. The net turnover during the day was Rs. 1360401.

Source : Equity Bulls

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