Shares of Manjushree Technopack up 7.4% on better results

Shares of Manjushree Technopack, a Bangalore-based packaging solutions provider, gained 7.4 per cent today on the Bombay Stock Exchange (BSE) on the back of good quarterly and financial performance. Its stocks traded last at Rs 86.4 against the previous close of Rs 80.45.

The company posted a rise of 157.25 per cent in its net profit for the quarter ended March, 2012 at Rs 6.56 crore against Rs 2.55 crore in the previous corresponding quarter. During the quarter, the company's net sales grew 23.68 per cent to Rs 87.58 crore from Rs 70.81 crore.

For the financial year 2011-12, Manjushree's net profit jumped 38.6 per cent to Rs 20.5 crore compared with Rs 14.79 crore in the previous financial year. Its net sales during the year were up 43.29 per cent to Rs 309.77 crore against Rs Rs 216.17 crore.

The company is in its advanced stages of commissioning its new manufacturing plant at Bidadi near Bangalore. It will have a capacity to produce 20,000 tonnes in phases. The company is investing Rs 100 crore on the plant which will start production in October 2012.

Manjushree, which is India’s one of the largest producers of PET bottles and pre-forms at 50,000 tonnes per annum, aims to consolidate its position going forward. It is also in the process of setting up another manufacturing plant at an investment of Rs 50 crore at Harohalli near Bangalore. The company has tied up with the State Bank of India for a loan of Rs 90 crore for expansion.