Chembond Chemicals signs JV with I-Chem Solution, Malaysia

The company would own 51% of the equity in the joint venture with the balance being held by I-Chem Solution Sdn Bhd.

Feb 26, 2016 10:02 IST India Infoline News Service

Chembond Chemicals Ltd is currently trading at Rs. 351, up by Rs. 3.5 or 1.01% from its previous closing of Rs. 347.5 on the BSE.

The company had informed BSE that the company was at an advanced stage of discussion to form a Joint Venture (JV) with a Malaysian Company to serve water treatment market, Chembond Chemicals Ltd has now informed BSE that the company has signed a JV agreement with I-Chem Solution Sdn Bhd, Malaysia, operating in the water treatment solutions business. The company would own 51% of the equity in the Joint Venture with the balance being held by I-Chem Solution Sdn Bhd.

The scrip opened at Rs. 370.9 and has touched a high and low of Rs. 371 and Rs. 351 respectively. So far 115(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 232.72 crore.

The BSE group 'XC' stock of face value Rs. 10 has touched a 52 week high of Rs. 520 on 10-Aug-2015 and a 52 week low of Rs. 309.9 on 17-Jun-2015. Last one week high and low of the scrip stood at Rs. 358.7 and Rs. 335 respectively.

The promoters holding in the company stood at 68.71 % while Institutions and Non-Institutions held 0.36 % and 30.93 % respectively.

The stock is currently trading above its 50 DMA.

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