Essel Propack gained 2.78% to Rs 212.60 at 11:40 IST on BSE after the company announced the inauguration of new plant in Cali, Colombia.
The announcement was made after market hours yesterday, 18 July 2016.Meanwhile, the S&P BSE Sensex was up 24.36 points or 0.09% at 27,772.95.
On BSE, so far 3,377 shares were traded in the counter as against average daily volume of 20,635 shares in the past one quarter. The stock hit a high of Rs 215.10 and a low of Rs 210.60 so far during the day. The stock had hit a record high of Rs 224.30 on 13 July 2016. The stock had hit a 52-week low of Rs 132.50 on 20 January 2016. The stock had outperformed the market over the past one month till 18 May 2016, gaining 6.38% compared with 4.21% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 18.47% as against Sensex's 7.48% gains.
The mid-cap company has equity capital of Rs 31.42 crore. Face value per share is Rs 2.
Essel Propack said that the facility inauguration was attended by His Excellency the Indian Ambassador to Colombia Prabhat Kumar. The new facility will have a capacity to manufacture 180 million tubes a year and the capability for making Essel's new generation laminated tubes targeting the high value beauty & cosmetics category along with a pharma clean room. Located in special economic zone, the facility will efficiently cater to the growing export opportunity in the adjacent Andean markets of Ecuador, Peru, Bolivia, Venezuela, Chile, etc., besides servicing the strong local demand.
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The new facility with state-of-the-art equipment and technology is an expression of Essel 's confidence in the growth potential of the markets it has been serving for over 15 years. It will facilitate servicing the rapidly evolving needs of categories like beauty & cosmetics, pharma and food from reputed local and multinational brands.
Regional Vice President Ted Sojourner in the opening inaugural address stated that new plant investment known as Essel Colombia SAS is a significant strategic event for company's continued long term growth and development in Colombia, and throughout the South America continent. The facility is built with an infrastructure that will support the future capacity expansions and growth. The company has now established gateway to South America, he added.
Ashok Goel, Vice Chairman & Managing Director, said: Essel Colombia is a strategic unit for the company. On top of company's strong local market, it opens up the markets in the Andean Regions and the rest of South America. The company's deep knowledge of these markets coupled with the long term commitment, the company is confident that the unit will benefit from some of Essel's globally recognized innovative solutions and processes.
Essel Propack's consolidated net profit fell 8.7% to Rs 41.45 crore on 8.4% fall in net sales to Rs 552.20 crore in Q4 March 2016 over Q4 March 2015.
Essel Propack is a part of the Essel Group and is the largest specialty packaging global company, manufacturing laminated plastic tubes catering to the FMCG and Pharma space.
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