Huhtamaki PPL rose 1.72% to Rs 290 at 14:16 IST on BSE after the company said it is setting up a new flexible packaging manufacturing unit in Assam.
The announcement was made during market hours today, 24 October 2016.Meanwhile, the BSE Sensex was up 159.40 points, or 0.57%, to 28,236.58.
On BSE, so far 7,303 shares were traded in the counter, compared with average daily volume of 5,646 shares in the past one quarter. The stock hit a high of Rs 293.30 and a low of Rs 285.05 so far during the day. The stock hit a 52-week high of Rs 327 on 8 August 2016. The stock hit a 52-week low of Rs 176.90 on 12 February 2016. The stock had outperformed the market over the past 30 days till 21 October 2016, rising 5.59% compared with 2.42% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, sliding 2.73% as against Sensex's 0.99% rise.
The small-cap company has equity capital of Rs 14.54 crore. Face value per share is Rs 2.
Huhtamaki PPL (erstwhile The Paper Products) said that it is setting up a new flexible packaging manufacturing unit in Assam, which is likely to be commissioned during the first half of 2017, to better service its customers based in North East India.
The company's subsidiary, Webtech Labels, is setting up a new label manufacturing unit in Sikkim, to service its customers based in North East India and likely to be commissioned during the first half of 2017. Further, the main Label manufacturing unit of Webtech Labels, located at Mahape, Navi Mumbai, primarily catering to pharmaceutical companies will be relocated to a new facility in the Greater Mumbai Region by the end of 2017.
The combined value of these investments/modernisation is expected to be approximately Rs 65 crore.
On a consolidated basis, net profit of Huhtamaki PPL declined 8.33% to Rs 18.26 crore on 5.18% rise in net sales to Rs 566.49 crore in Q2 June 2016 over Q2 June 2015.
Huhtamaki PPL is India's leading manufacturer of primary consumer packaging and labelling materials with annual consolidated Euro 300 million. It is the largest manufacturer in volume of finished flexible packaging in the larger Africa - India - Asia Pacific region excluding Japan.
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