Sanghi Ind stock up nearly 11% as Piramal invests Rs 257 cr into company
"Sanghi Industries has built a very strong brand in Gujarat market and we feel optimistic about its growth prospects, going forward," said co-head of Piramal Enterprises' Structured Investment Group.
![Sanghi Ind stock up nearly 11% as Piramal invests Rs 257 cr into company Sanghi Ind stock up nearly 11% as Piramal invests Rs 257 cr into company](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_850x478/public/2016/04/22/619-bse-2ptiedited.jpg?itok=fF90D6qr&c=c5af8c0f92ccc8e249257bf0f1cb18e8)
Shares of Sanghi Industries soared almost 11% on Friday after Piramal Enterprises invested Rs 256.5 crore in the company by subscribing to the cement maker's non-convertible debentures.
The stock surged 10.26% to Rs 74.10 on the Bombay Stock Exchange (BSE). On the National Stock Exchange (NSE), it zoomed 10.96% to Rs 74.40.
Piramal Enterprises on Thursday said it has invested Rs 256.5 crore in Sanghi Industries.
The company through its Structured Investment Group subscribed to non-convertible debentures of Sanghi Industries to the extent of Rs 256.5 crore to enable the company to term out its capital structure and repay its lenders ahead of schedule, Piramal Enterprises had said in a statement.
"Sanghi Industries has built a very strong brand in Gujarat market and we feel optimistic about its growth prospects, going forward," Piramal Enterprises' Structured Investment Group Co-Head Jayesh Desai said.
"This debenture funding has opened up many new opportunities for the company. In coming months, the cement demand will be fuelled by the substantial infrastructure spending in rural regions. We look forward to a new phase of growth," Sanghi Industries CMD Ravi Sanghi said.
On Friday, the stock of the company closed up 5.51% or Rs 3.70 at Rs 70.90 per scrip on the BSE.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
![https://www.zeebiz.com/markets/stocks/photo-gallery-this-tata-group-stock-turned-every-rs-10000-of-investment-into-rs-11300-in-just-a-week-investors-richer-by-42722-crore-rupees-any-guesses-share-market-news-304023](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307143-tradingpexels.jpg?itok=rw4R7EfH)
A Tata group stock just turned every Rs 10,000 of investment into Rs 11,300 in just a week, investors richer by Rs 42,722 crore; any guesses?
![https://www.zeebiz.com/markets/stocks/photo-gallery-large-cap-midcap-stocks-shares-to-buy-for-long-term-check-out-targets-nifty-sensex-303617](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/25/306716-stockks.jpg?itok=KJTrFUIK)
Stocks to buy for long term: Analysts suggest buying these 5 largecap, 4 midcap scrips; check out targets
![https://www.zeebiz.com/personal-finance/photo-gallery-nps-retirement-planning-budget-2024-nirmala-sitharaman-announcement-how-nps-rulebook-change-can-increase-corpus-income-and-monthly-pension-by-40-compound-return-303984](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307102-indian-currency-pixabay-take.jpg?itok=kN21EW-9)
How your NPS retirement corpus and monthly pension can jump by 40% after this rule change; get details
![https://www.zeebiz.com/personal-finance/photo-gallery-senior-citizen-savings-scheme-scss-2024-interest-rate-calculator-post-office-how-to-get-inr-rs-50000-interest-retirement-planning-guaranteed-return-maturity-amount-small-savings-303930](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307042-fd-interest-file.jpg?itok=45ZbBRWM)
How much investment do you need in this senior citizen scheme to get Rs 50,000 quarterly interest? Know here
03:30 PM IST