Shish Industries Ltd

The Board of Shish Industries at its meeting held on 07 May 2024 has approved the allotment of 5,66,520 equity shares of face value Rs 10.00 each, for cash, at a price of Rs 120.05 per equity share (including a premium of Rupees 110.05 per equity share), aggregating to Rs 6.80 crore by way of a preferential issue to the allottees as approved by the Members of the Company.

Consequent to above mentioned allotment, the issued, subscribed and paid-up equity share capital of the Company stands increased to Rupees 35,57,36,690.00 divided into 35573669equity shares of face value Rupees 10.00 each from Rupees 35,00,71,490.00 divided into 35007149 equity shares of face value Rupees 10.00 each.

Powered by Capital Market - Live News

The benchmark indices traded with decent gains in mid-afternoon trade. The Nifty hovered above the 22,400 level. Auto shares extended gains for the third consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 204.89 points or 0.29% to 73,858.99. The Nifty 50 index added 65.15 points or 0.29% to 22,401.55.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.70% and the S&P BSE Small-Cap index added 1.11%.

The market breadth was strong. On the BSE, 2,362 shares rose and 1,402 shares fell. A total of 141 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 22.12% to 9.89. Volatility zoomed as traders roll over their positions in the F&O segment from the near month April series to May series. The April 2024 F&O contracts will expire on Thursday, 25 April 2024.

Economy:

Rising from 61.8 in March to 62.2 in April, the headline HSBC Flash India Composite PMI Output Index – a seasonally adjusted index that measures the month-on-month change in the combined output of India's manufacturing and service sectors – indicated the fastest rate of increase in aggregate business activity since mid-2010. Survey participants overwhelmingly attributed the expansion to buoyant demand from domestic and external clients.

Growth in India remained broad-based across the manufacturing and service sectors. The former saw the sharper rate of increase, albeit one that was softer than in March. In the service economy, business activity rose to the greatest extent in three months.

Buzzing Index:

The Nifty Auto index rose 0.83% to 21,994.70. The index rallied 2.20% in three trading sessions.

Tata Motors-DVR (up 2.09%), Maruti Suzuki India (up 1.45%), Tata Motors (up 1.41%), TVS Motor Company (up 1.2%), Apollo Tyres (up 1.06%), Eicher Motors (up 0.99%), Bosch (up 0.85%), Hero MotoCorp (up 0.85%), Ashok Leyland (up 0.58%) and Bajaj Auto (up 0.34%) advanced.

On the other hand, Balkrishna Industries (down 0.94%), Mahindra & Mahindra (down 0.75%) and Exide Industries (down 0.12%) edged lower.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.22% to 7.176 as compared with previous close 7.192.

In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 83.3425, compared with its close of 83.3600 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement fell 1% to Rs 70,482.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.08% to 105.99.

The United States 10-year bond yield rose 0.19% to 4.632.

In the commodities market, Brent crude for June 2024 settlement gained 72 cents or 0.83% to $ 87.67 a barrel.

Stocks in Spotlight:

Shish Industries surged 12.27% after the company announced that it has received order worth minimum of $37.5 million from USA-based Best Construction Products Inc. (BCP).

K.P. Energy was locked in upper circuit of 5% after the firm received new order for development of 9 MW wind power project forming part of the wind-solar hybrid power project to be developed in Gujarat.

Mahindra Logistics rose 0.74%. The logistics solution provider reported a consolidated net loss of Rs 11.91 crore in Q4 FY24 as against a net profit of Rs 0.20 crore posted in Q4 FY23. Revenue from operations stood at Rs 1,450.76 crore in Q4 FY24, up 14.01% from Rs 1,272.51 crore recorded in Q3 FY23.

Powered by Capital Market - Live News

The company shall supply various products as per the schedule that has been mutually agreed upon between the entities. The price of the products shall be linked to polymer prices as per the prevailing market rates at the time of delivery.

The aforementioned contract has to be executed over a period of 5 years.

At the prevail exchange rate of Rs 83.36 per USD, the value of the said contract is Rs 312.58 crore.

Shish Industries manufactures and exports plastic corrugated sheets, PP box, FIBC Bags, PP/PE woven fabric, tarpaulin and shipping packaging supplies.

The company had reported 31.33% increase in net profit to Rs 3.06 crore on a 24.63% rise in revenue to Rs 23.33 crore in Q4 FY24 over Q4 FY23.

Powered by Capital Market - Live News

Shish Industries(SIL) announced the signing of a significant long-term commercial trade agreement, with the USA based entity Best Construction Products Inc. (BCP). This agreement brings together SIL, a leading company specialising in the production and supply of Construction, Packaging & Thermal Insulation related Products, and BCP, a distinguished entity in the United States engaged in quality construction materials.

Under the terms of the agreement, SIL will supply a variety of agreed products crucial for construction purposes to BCP over a period of 5 years amounting to minimum USD 37.5 millions (approx. Rs. 312 crores present value). The parties have agreed on dynamic pricing based on raw material pricings, actual freight charges, quality assurance and more. The agreement also outlines the minimum commitment purchase by BCP year on year and compensation of 3% for any shortage in that, given as advance deposit to SIL.

Powered by Capital Market - Live News

Net profit of Shish Industries rose 31.33% to Rs 3.06 crore in the quarter ended March 2024 as against Rs 2.33 crore during the previous quarter ended March 2023. Sales rose 24.63% to Rs 23.33 crore in the quarter ended March 2024 as against Rs 18.72 crore during the previous quarter ended March 2023.

For the full year,net profit rose 17.99% to Rs 8.00 crore in the year ended March 2024 as against Rs 6.78 crore during the previous year ended March 2023. Sales rose 25.09% to Rs 85.74 crore in the year ended March 2024 as against Rs 68.54 crore during the previous year ended March 2023.

Powered by Capital Market - Live News

Shish Industries has revised the meeting of the Board of Directors which was scheduled to be held on 12 April 2024. The meeting will now be held on 18 April 2024.

Powered by Capital Market - Live News

Shish Industries will hold a meeting of the Board of Directors of the Company on 12 April 2024.

Powered by Capital Market - Live News

Shish Industries announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 6 April 2024 .

Powered by Capital Market - Live News

Shish Industries has revised the meeting of the Board of Directors which was scheduled to be held on 5 March 2024. The meeting will now be held on 7 March 2024.

Powered by Capital Market - Live News

Shish Industries will hold a meeting of the Board of Directors of the Company on 5 March 2024.

Powered by Capital Market - Live News