Shares of Astral Poly Technik surged by over 19 per cent to a lifetime high on the BSE today after billionaire Warren Buffet-led Lubrizol Corporation said it will set up a chlorinated polyvinyl chloride manufacturing plant in Gujarat in a joint venture with the Astral Group.
Cheering the news, the stock opened on a robust note, jumped by 19.49 per cent to touch a lifetime high of Rs 218.50 on the BSE.
Lubrizol Corporation on Wednesday said it will set up a Chlorinated Polyvinyl Chloride (CPVC) pipe manufacturing plant in Gujarat’s Dahej industrial estate at an investment of $245 million.
In a regulatory filing to the stock exchange, Astral Poly Technik today said, “We wish to clarify that the discussions are at a very preliminary stage and the same are subject to detailed negotiations. The company would announce its final plans as and when things are finalised.”
Astral Poly Technik manufactures plumbing systems for residential and industrial applications.
Lubrizol Corporation is a specialty chemicals company that produces and supplies technologies to improve the quality and performance of products.