Astral Ltd to enter into Faucets & Sanitaryware business

Today 19th October 2021, the Board of Directors of ASTRAL LIMITED has decided to enter in the business verticals of Faucets & Sanitaryware as a part of its growth strategy to leverage the brand ASTRAL and its Network of more than 33000 dealers in Pipes and more than 130000 dealers in Adhesives & Sealant vertical across the country.

The details of the project will be announced in public domain as and when the legal formalities are completed and investment amount is finalized by the management.

Further we are happy to announce that Company has appointed Mr. Atul Sanghvi, as President (Faucets & Sanitaryware division) to head this vertical. The Faucet & Sanitaryware division has a market potential of Appx. Rs.15000 Crores In India.

Mr. Atul Sanghvi is a Management Graduate (MBA) and has a very rich experience of more than 37 years. Out of 37 years of experience, he has spent 32 years in building material industry and his longest associations of 22 years was with Cera Sanitaryware Ltd. where he joined as GM (Sales & Marketing) and left with a position of Executive Director & CEO. He also served 11 years with Grasim Industries Limited (Cement Division) as a General Manager (Marketing).

Astral Management is very happy to induct such a stalwart personality to head this division and we are confident that under his leadership, Company will reach to a new height in this vertical.

On the appointment of Mr. Atul Sanghvi, the Chairman & Managing Director Mr. Sandeep Engineer quote "Today I am very delighted to induct Mr. Atul Sanghvi to our Senior Management Team of ASTRAL and I am confident that Mr. Atul Sanghvi who is carrying a very rich experience of 37 years will take the brand ASTRAL to a New Height and with addition of this new vertical, brand ASTRAL will be more visible brand in building material space, which was so far behind the wall. This will make the brand ASTRAL a more stronger Brand in Building Material Category".

Shares of Astral Poly Technik Limited was last trading in BSE at Rs. 2252.55 as compared to the previous close of Rs. 2383.50. The total number of shares traded during the day was 60571 in over 11110 trades.

The stock hit an intraday high of Rs. 2429.50 and intraday low of 2231.10. The net turnover during the day was Rs. 140494758.00.

Source : Equity Bulls

Keywords

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