Sumeet Industries Rallies Nearly 10% Breaches Upper Circuit Limit

Sumeet Industries rallied 9.9%, to be locked in its upper circuit of Rs 32.55 per share in Tuesday’s trading session. The Company on Monday in its filing to the Exchanges has announced that their board of directors will meet on March 31 to decide on increasing the borrowing limits of the Company and the issuance of NCDs (Non-Convertible Debentures).

The Company also stated that its board will meet to discuss the conversion of unsecured loans of promoters into equity shares in proposed rights issue.

Sumeet Industries Limited is an India-based holding company. The Company is engaged in the business of polyester filament yarn. It offers various polyester products, including poly propylene (crimped and fully drawn yarn (FDY)) yarn, partial/pre oriented yarn (POY), polyester yarn, polyester chips, texturised yarn and dope dyed yarn.

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