Shalimar Paints, which had closed yesterday at Rs.134.75, opened with a positive gap at Rs.142 and went up further to hit a new high at Rs.150.60.
The stock price has reacted positively to the news that Hella Infra Market, the parent company of Infra.Market, has announced its proposal to invest an amount of Rs.270 crore through a combination of equity and debentures in Shalimar Paints subject to shareholders' and necessary regulatory approvals.
Infra.Market is a Construction Solutions company with a vision of creating India’s largest multi-product construction materials brand and transforming the entire supply chain.
Shalimar Paints is 120 years old engaged in the manufacturing and marketing of decorative paints, industrial coatings, and allied product categories. The largest promoter is the O. P. Jindal group