India Card Clothing Company rose 7.5% to hit an intraday high at Rs.294 on the back of almost 5x rise in volumes. Its 52-week high is at Rs.329.65.
This is a precision engineering company that manufactures and supplies card clothing products and carding solutions for the textile industry.
The stock price is up after the company’s Board approved the proposal of acquiring the balance 40% stake in Garnett Wire Ltd., UK – a foreign subsidiary of the Company, from its JV partner – Joseph Sellers & Son.
Garnett Wire is a foreign subsidiary of the company where it has retained a 60% stake since 1997.
This acquisition is aimed at expanding the company’s business abroad.
The parties have mutually agreed on a cost of acquisition of £2,32,873 or such other cost of acquisition as determined by the Independent Valuer/Chartered Accountant.