Tips Industries surges 16%, nears record high on film biz demerger plan

Shares of Tips Industries hit a 20-year high of Rs 368, after rallying 16 per cent on the BSE on Friday after the company announced demerger plan of its film business. The stock of the movie & entertainment company was trading at its highest level since December 2000. It hit a record high of Rs 425.95 on December 13, 2000, data shows.

At 10:11 am, Tips Industries was trading 12 per cent higher at Rs 355, as compared to 0.35 per cent rise in the S&P BSE Sensex. A combined 217,000 equity shares were changing hands on the counter on the NSE and BSE.

“A meeting of the board of directors of the company is scheduled to be held on Tuesday, January 5, 2021 to explore demerger of the film business and consider any other matters incidental thereto including appointment of intermediaries like independent valuer,