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Stock Report
Sintex BAPL to invest in Telangana for new manufacturing unit
Posted On : 2023-12-17 11:26:13( TIMEZONE : IST )
Welspun Corp Limited has announced that its wholly owned subsidiary Sintex BAPL has finalised an investment of upto ~Rs 807 crore to set up manufacturing unit in the state of Telangana through a wholly owned step down subsidiary, Sintex Advance Plastics Limited (SAPL), which will be spread over the next three financial years starting from FY25. The project will be funded through a combination of debt and equity.
The proposed investment is for manufacturing ~59 KMTPA of Plastic Pipes, ~5,300 MTPA of Water Storage Tanks and ~8,900 MTPA Sandwich Moulded Tanks. The pipes and fittings would include CPVC, UPVC, HDPE, and OPVC pipes and shall cater to the exponentially growing water distribution segment.
This is in sync with our stated plan at the time of acquisition of Sintex BAPL itself to leverage the brand and enter into different types of Plastic Pipes segment. Plastic Pipes market in India is likely to grow at a CAGR of 10-12% to reach to a market size of ~Rs 60,000 crore in next five years. Foray into plastic pipes segment thus provides a huge opportunity to Sintex to leverage its brand value, optimise its distribution channel and rationalise its logistics cost, thereby charting out a strong growth outlook and further strengthening our positon into the B2C segment.
Commenting on the development, Welspun Group Chairman, B. K. Goenka said, "Sintex is an iconic brand for its Water Storage Tanks and foray into Plastic Pipes segment will strengthen our presence into the building material vertical further and provide significant value creation for our stakeholders. As a group we are already running our operations in the state. This project will create further employment in the state."
Shares of Welspun Corp Limited was last trading in BSE at Rs. 531.90 as compared to the previous close of Rs. 533.15. The total number of shares traded during the day was 18862 in over 955 trades.
The stock hit an intraday high of Rs. 543.50 and intraday low of 527.50. The net turnover during the day was Rs. 10071779.00.
