Greenlam Industries stock zooms 8% after firm buys manufacturing facility of Bloom Dekor

greenlam industries stock zooms 8% after firm buys manufacturing facility of bloom dekor
© Provided by Business Today Greenlam Industries stock zooms 8% after firm buys manufacturing facility of Bloom Dekor

Shares of Greenlam Industries zoomed over 8 per cent today after the firm acquired the laminate manufacturing facility of Gujarat-based Bloom Dekor Limited for Rs 36 crore.

Greenlam Industries shares touched an intraday high of Rs 345.05, rising 8.17 per cent on BSE. The stock opened 2.05 per cent higher at Rs 325.55 against the previous close of Rs 319.

Greenlam Industries’ stock trades higher than the 5-day, 20-day and 200-day moving averages but lower than 50-day and 100-day moving averages.

In a year, the stock has surged 41.02 per cent but lost 7.55 per cent in 2022.

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Market cap of the firm rose to Rs 3,956 crore. Total 7,157 shares changed hands amounting to a turnover of Rs 24.08 lakh on BSE. The market cap of the firm rose to Rs 3,956 crore.

With this acquisition, Greenlam will now have four strategically located laminate manufacturing facilities in India, situated at Behror (Rajasthan), Nalagarh (Himachal Pradesh), Naidupeta (Andhra Pradesh – Under Construction) and now Prantij (Gujarat). This acquisition will reinforce Greenlam to be at India’s leading position in the laminate industry with the overall capacity of 24.521 million sheets.

Greenlam Industries is among the world’s top 3 laminate manufacturers.

Saurabh Mittal, Managing Director & CEO, Greenlam Industries said, “Manufacturing has always formed the core of Greenlam Industries operations. With the acquisition of Bloom Dekor’s manufacturing facility, we will further strengthen our market leadership in laminates and penetrate into the mass market segment which forms a significant share of the overall category. This move is significant as it reiterates the company’s vision of manufacturing world class surfacing products.”

In addition to this, the company also announced issuance of fresh equity shares on preferential basis to the extent of Rs 195 crore, on June 20, 2022.

“With the earlier announcement of capex to invest Rs 950 crore over 2-3 years, towards setting up of third Laminate plant and entry into Plywood and Particle Board business along with fund raise and this acquisition, Greenlam is well poised to embark on the journey to the Next Orbit,” the company said.

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