SBI acquires 6.35% stake in Canpac Trends for Rs 50 crore, propelling shares to 52-week high

15 Dec 2023 , 03:33 PM

State Bank of India (SBI) shares rose 1% to Rs 628.9 after acquiring a 6.35% stake in Canpac Trends for Rs 50 crore. In the last month, SBI’s stock increased by 7%, reaching near its 52-week high, driven by the recent acquisition.

SBI purchased approximately 3.7 lakh shares of Canpac Trends at Rs 1,329 per share for capital appreciation. Canpac Trends is a Gujarat-based packaging and printing company offering various packaging solutions, including duplex printed cartons, corrugated cartons, flexible laminate pouches, paper bags, and rigid boxes.

As of March 2023, Canpac Trends reported a total income of Rs 389.72 crore, a profit-after-tax of Rs 9.82 crore, and total assets of Rs 424.32 crore. SBI increased the marginal cost of funds-based lending rate (MCLR) on select tenures by 5-10 basis points on December 15, impacting the cost of consumer loans like auto or home loans.

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