Buzzing stock: This Group A stock registers a fresh 52-week high after making two significant announcements!

Buzzing stock: This Group A stock registers a fresh 52-week high after making two significant announcements!

Indian Market
by 5paisa Research Team Last Updated: 2022-08-16T11:56:56+05:30

With a strong rally, the company has become one of the top gainers from Group A on BSE.

The shares of Forbes and Company Ltd are buzzing on the bourses today. As of 11.33 am, the shares of the company are trading at Rs 579.85 apiece, higher by 12.21% over the previous close. This surge has come on the back of two announcements made by the company.

On 13 August, the company’s Board approved a proposal to enter into a Joint Venture with Macsa ID for providing innovative laser marking and traceability solutions for the entire range of materials - metals and non-metals.

It is proposed to set up a joint venture company with equal participation of both the company and Macsa ID. Macsa ID is one of the 4 leading companies internationally in the field of marking and traceability and offers comprehensive solutions to the food, beverages, pharmaceutical, healthcare, cosmetics, and industrial engineering sector which sector includes automotive, aeronautics, defence, construction etc. Macsa ID is recognized as a world leader in technological innovation in lasers for marking and coding.

On the same day, the company’s Board also approved a proposal to incorporate a wholly owned subsidiary to inter alia deal in current and new technologies in the existing range of businesses.

Forbes and Company operates in multiple domains such as manufacturing precision tools, marking and coding solutions, industrial automation solutions, water, and air purification systems, home security solutions, payment solutions, realty, and shipping. The company has a presence in more than 26 countries.

Today, the scrip opened at Rs 580 and has further moved only upwards to touch a high Rs 620.10. So far 1,11,596 shares have been traded on the bourses.

The stock has a 52-week high and low of Rs 620.10 and Rs 201.20, respectively on BSE.


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