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National Fittings shines on getting nod to acquire entire stake in Merit Industries

  • Nov-14-2017
  • 15 Hrs IST

National Fittings is currently trading at Rs. 218.95, up by 12.20 points or 5.90% from its previous closing of Rs. 206.75 on the BSE.

The scrip opened at Rs. 211.00 and has touched a high and low of Rs. 219.00 and Rs. 209.00 respectively. So far 5636 shares were traded on the counter.

The BSE group 'XC' stock of face value Rs. 10 has touched a 52 week high of Rs. 285.00 on 09-Aug-2017 and a 52 week low of Rs. 195.00 on 10-Oct-2017.

Last one week high and low of the scrip stood at Rs. 236.80 and Rs. 201.00 respectively. The current market cap of the company is Rs. 182.21 crore.

The promoters holding in the company stood at 65.55%, while Institutions and Non-Institutions held 0.01% and 34.45% respectively.

National Fittings has received an approval to acquire the equity shares of Merit Industries from its promoters and other shareholders making it a 100% wholly owned subsidiary. The board of directors at its meeting held on November 13, 2017 has approved for the same.

Merit Industries is currently operating in the field of engineering and operating iron cast foundry in India.

National Fittings is engaged in manufacturing and marketing spheroidal graphite (SG) iron grooved and screwed pipe fittings, stainless pipe fittings and ball valves for industrial and nonindustrial applications.