Shares of leading stationery company, Linc, surged 5.81 per cent to the day’s high of Rs 767.75 during the intra-day deals on the BSE on Thursday. The northward rally in the stock price was propelled by the company’s announcement of the formation of a strategic joint venture with Mitsubishi Pencil Company, Japan, a global leader in the writing instruments industry with an annual turnover exceeding $500 million.
Linc, in a release, said that this business venture aims to introduce advanced Japanese technology to the Indian market, driving the production of high-quality yet affordable writing instruments, tailored specifically for Indian consumers. As per the information shared by the company, Mitsubishi Pencil Company will hold a 51 per cent stake in the JV, while Linc Limited will hold 49 percent.
Deepak Jalan, Managing Director of Linc, stated, “This joint venture allows us to offer advanced Japanese technology at more affordable price points, creating a unique synergy between innovation and market expertise. We are confident that this partnership will set a new benchmark in the Indian writing instruments industry and open up new avenues in global markets as well.”
Linc (formerly known as Linc Pen & Plastics Limited) is one of India’s most trusted writing instrument manufacturers with a national and international presence in over 50 countries. The company has a strong and extensive network in South East Asia, Middle East, USA, UK, Europe, South America, Africa, Russia, and CIS countries.
As of September 26, 2024, Linc commands a market capitalisation of Rs 1,119.36 crore on the BSE.
The stationery company shares have advanced 12.44 per cent year-to-date. Linc shares have a 52-week range of Rs 883.65 – 463.50 on the BSE.
At around 2:32 PM, Linc shares were trading at Rs 752.65, up 3.74 per cent from its previous close of Rs 725.55 on the BSE. The company’s shares are currently around 15 per cent lower from their 52-week high of Rs 883.65 scaled on October 18, 2023, on the BSE.
Meanwhile, the benchmark equity indices, BSE Sensex, and NSE Nifty50 were trading near their record high levels of around 85,524.93, and 26,122.85 respectively.
First Published: Sep 26 2024 | 2:52 PM IST
