JK Cement To Enter Paint Business; Shares Tank Over 11%
NDTV
Cement manufacturer JK Cement has announced its foray into the paint business. The company's board had met on Saturday and cleared the proposal to enter the paint sector with an investment of Rs 600 crore infused over a period of five years.
New Delhi: Cement manufacturer JK Cement has announced its foray into the paint business. The company's board had met on Saturday and cleared the proposal to enter the paint sector with an investment of Rs 600 crore infused over a period of five years.
JK Cement will enter the paint business through a wholly-owned subsidiary.
The share of the cement manufacturer plunged as much as 12.32 per cent to hit a 52-week low of Rs 2,313.20 during intraday deals on Monday. Though, the stock settled 11.50 per cent lower at Rs 2,334.90 on the BSE index.
JK Cement cracked 11.31 per cent to close at Rs 2,341.20 on NSE.
