Hardwyn India shares rise as company proposes to incorporate subsidiary

Shares of Hardwyn India extended gains on Tuesday after the company board proposed to incorporate a new subsidiary and make investment in the same. The company has proposed to name the new subsidiary as Slimx Interior Solutions Pvt Ltd and will subscribe to its 2 lakh equity shares, it said in the exchange filing.

Following the announcement, shares of Hardwyn India gained about 2 per cent to Rs 38.50 on Tuesday, before settling at Rs 38.25, with a total market capitalisation close to Rs 1,335 crore. They had settled at Rs 37.79 in the previous trading session on Friday.

Shares of Hardwyn India have rallied about 7,600 per cent from its adjusted covid-19 lows at Rs 0.50 per share. The stock is currently about 125 per cent higher from its 52-week low at Rs 17.25 hit in April 2023. The stock has gained about 50 per cent in the last six months, while it's 15 per cent up in 2023 so far.

Earlier this year, shares of Hardwyn India traded ex-split and ex-bonus. The company had issued bonus shares in 1:3 ratio in June 2023, subsequent to a stock split in 1:10 ratio. Prior to this, the company had issued bonus shares to the shareholders in 1:2 ratio in July 2022.

Hardwyn India is a manufacturer of architectural hardware and glass fittings, providing complete solutions for both residential as well as commercial structures since the past five decades. It has made its presence felt globally to create a global supply chain and trusted distribution footprint.

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