Polyplex Corporation rose 0.98% to Rs 277.55 at 09:51 IST on BSE after the company's announcement that it has hiked its holding in its subsidiary company Polyplex (Thailand) Public Company to 54.08% from 51%.
The announcement was made before market hours today, 10 June 2016.Meanwhile, the BSE Sensex was down 59.66 points, or 0.22% to 26,703.80
On BSE, so far 381 shares were traded in the counter as against average daily volume of 4,248 shares in the past one quarter. The stock hit a high of Rs 281.95 and a low of Rs 276.25 so far during the day. The stock had hit a 52-week low of Rs 177 on 19 June 2015. The stock hit a 52-week high of Rs 327.70 on 5 August 2015.
The small-cap company has an equity capital of Rs 31.98 crore. Face value per share is Rs 10.
The hike in stake was effected after the conclusion of a rights offering of ordinary shares (including purchases from open market) by subsidiary. The rights offering of shares was made by Polyplex (Thailand) Public Company (Polyplex Thailand) at a price of Baht 6.40 per share of the face value of Baht 1 each, the company said. Polyplex Thailand is listed on The Stock Exchange of Thailand.
Polyplex Corporation's consolidated net profit rose 248.1% to Rs 62.73 crore on 7.3% rise in net sales to Rs 825.75 crore in Q4 March 2016 over Q4 March 2015.
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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