Multibagger stock hits upper circuit; bags orders from Germany-based MNC

Shares of Ok Play India Ltd extended their gains and hit an upper circuit on Thursday. The leisure products player has entered into an agreement with MANN+HUMMEL Group's arm to fight against air pollution. The company informed about the same through exchange filings on Tuesday.

Ok Play India, through its recently acquired wholly owned subsidiary, MRH Technologies, has entered into an agreement with MANN+HUMMEL Filter (MHIN), a subsidiary of Germany-based MANN+HUMMEL Group for its product to combat air pollution, said the company in an exchange filing.

Ok Plays arm MRH Technologies will act as sole and exclusive distributor to promote, distribute, supply, install and service its new product named 'PureAir Mobile Fine Dust Particle Filter Roof Box' designed to combat the hazardous air pollution, it added.

Shares of Ok Play India hit an upper circuit of 5 per cent to Rs 163.25 on Thursday, commanding a total market capitalization of more than Rs 430 crore. The scrip had settled at Rs 155.50 on Wednesday after scaling its 52-week high at Rs 164.30 in the previous trading session.

Shares of Ok Play India have gained more than 470 per cent from its 52-week low at Rs 28.55 hit a year ago. The stock has surged as much as 55 per cent in the last one month, while the stock is up more than 1,000 per cent from its covid-19 lows.

MANN+HUMMEL is a leading global company in filtration technology, which is a 4.8 billion Euro German MNC having operations in over 80 countries and being present in India since the last 18 years.

In another exchange filing, Ok Play India acquired 100 per cent stake in MRH Technologies to make it a wholly owned subsidiary of the company. The new entity is yet to commence its business operations and will belong to the engineering and allied services industry.

The company board of Ok Play India is scheduled to be meet on Monday, November 27, to consider and approve the proposal for raising of funds by way of preferential Issue in compliance with the applicable provisions subject to approval of shareholders including all such regulatory/statutory approvals as may be required, said the company in a separate exchange filing.

Established in 1989, OK Play India is a company dedicated to the production of plastic molded toys, school furniture, outdoor play equipment, point-of-purchase products, automotive components, and electric vehicles. The company is also engaged in manufacturing plastic fuel tanks for heavy commercial vehicles.

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