Trend

Far from a pipe dream

Astral Poly Technik’s promoter entity Saumya Polymers cashes in on a smoking hot stock

Soumik Kar

Astral Poly Technik’s stock has been on a tear in 2017 having risen 85% so far. Among those who have made the most of this meteoric rise include promoter entity Saumya Polymers which sold a million shares at Rs.643 on August 23 to pocket Rs.64 crore. The transaction reduced Saumya Polymer’s holding from 13.16% to 12.32%. That did not sap any momentum and the stock went on to hit an all-time high of Rs.730, which is where it trades now. Astral is India’s leading plumbing and drainage systems manufacturer and promoter Sandeep Engineer’s success story is the stuff of B-School case studies. Over the past five years, net sales has compounded at 26% and net profit at 30% respectively.