Nitin Fire Protection Industries said that the company's board formally agreed to move forward for promoting its product range into Ministry of Defence.
This move to promote our product in defence shall give a bigger advantage and its entry into a large opportunity of fire protection for defence sector will give boost to company's performance, the company said. The board has also agreed to consider this proposal and if required may also look at forming a SPV for this sector considering the size and opportunity of the same.
Recently, the company has received UL (Underwriters Laboratory) approval for its products which will further strengthen in its defence sector.
Shares of the company gained Rs 0.1, or 0.25%, to settle at Rs 40.90. The total volume of shares traded was 647,837 at the BSE (Monday).