Polyplex Corporation rose 4.17% to Rs 299.50 at 12:20 IST on BSE after the company said that it has completed acquisition of entire equity stake in its step down subsidiary.
The announcement was made after market hours yesterday, 15 September 2016.Meanwhile, the BSE Sensex was up 327.95 points, or 1.15%, to 28,740.84.
High volumes were witnessed on the counter. On BSE, so far 9,943 shares were traded in the counter, compared with an average volume of 4,072 shares in the past one quarter. The stock hit a high of Rs 300 and a low of Rs 290 so far during the day. The stock hit a 52-week high of Rs 315 on 12 August 2016. The stock hit a 52-week low of Rs 195.90 on 6 April 2016. The stock had underperformed the market over the past one month till 15 September 2016, falling 1.69% compared with 0.93% rise in the Sensex. The scrip had also underperformed the market in past one quarter, gaining 3.45% as against Sensex's 6.31% rise.
The small-cap company has an equity capital of Rs 31.98 crore. Face value per share is Rs 10.
Polyplex Corporation said that post acquisition of entire equity stake in its step down subsidiary namely, Peninsula Beverages and Foods Company, it has become direct wholly owned subsidiary of the company. On 12 August 2016, the board of directors of Polyplex Corporation had approved the proposal for acquisition of entire equity stake in its step down wholly owned non-material subsidiary company, Peninsula Beverages and Foods Company from company's wholly owned subsidiary, namely Polyplex (Asia) Pte Limited, Singapore. Peninsula Beverages & Foods Company engages in the wholesale trading of food and beverage products.
Polyplex Corporation's net profit rose 2050.7% to Rs 16.13 crore on 3.6% decline in net sales to Rs 233.67 crore in Q1 June 2016 over Q1 June 2015.
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Polyplex Corporation is among the world's largest manufacturers of thin polyethylene terephthalate (PET) film. The company runs integrated manufacturing and distribution operations in six countries viz. India, Thailand, Turkey, USA, China and Netherlands.
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