National Fittings at a new high
National Fittings is a BSE group 'XD' stock is not a PSU as the name might suggest. The company is an EOU, making complete range pipes, fittings and ball valves in stainless and carbon steels and grooved couplings and fittings from SG Iron Castings. Its market cap stands at Rs.225 crore, with promoters holding 65.55% stake with a miniscule 0.01% institutional holding.
The stock hit a new 52-week high today at Rs.270.50 on news that it has got the Board’s nod for setting up a new manufacturing facility. The stock price remains firm at these high levels.
The company’s board gave approval for the same at its meeting held on October 24, 2016. A V Palaniswamy, Managing Director was authorized to take necessary steps for its implementation