Super Spinning Mills zooms on its subsidiary acquiring Elgi Building Products

Super Spinning Mills is currently trading at Rs. 11.05, up by 0.65 points or 6.05% from its previous closing of Rs. 10.42 on the BSE.
The scrip opened at Rs. 10.85 and has touched a high and low of Rs. 11.45 and Rs. 10.60 respectively. So far 4480 shares were traded on the counter.
The BSE group 'B' stock of face value Re. 1 has touched a 52 week high of Rs. 20.40 on 28-Oct-2010 and a 52 week low of Rs. 10.00 on 26-May-2010.
Last one week high and low of the scrip stood at Rs. 11.45 and Rs. 10.11 respectively. The current market cap of the company is Rs. 57.20 crore.
The promoters holding in the company stood at 39.57% while Institutions and Non-Institutions held 2.75% and 57.68% respectively.
Super Spinning Mills wholly owned subsidiary - Sara Elgi Arteriors acquired 58.32% of equity share capital of Elgi Building Products, a leading manufacturer of PVC extrusions used in the manufacture of UPVC doors and windows.
With this acquisition Elgi Building Products became a subsidiary of Sara Elgi Arteriors and thereby step down subsidiary of Super Spinning Mills. Super Spinning Mills also holds the balance of 41.68% of equity share capital of Elgi Building Products.
Super Spinning Mills commenced operations with the manufacture of grey, gassed, mercerised and dyed cotton yarn. Today, the company has carved a niche for itself on the textile map of country.