Radha Madhav Corporation surged 10.57% to Rs 41.85 at 9:55 IST on BSE after the company said it has restarted operations at various projects.
The announcement was made after market hours on Thursday, 27 November 2014.
Meanwhile, the S&P BSE Sensex was up 312.61 points or 1.1% at 28,751.52.
On BSE, so far 1.38 lakh shares were traded in the counter as against average daily volume of 58,000 shares in the past two weeks.
The stock hit a high of Rs 42.35 and a low of Rs 39.40 so far during the day.
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Radha Madhav Corporation said that two substantial projects viz. MOPVC Project comprising of a 5 Roll Calendar, a stretching line and ancillaries imported from Austria, Europe and various destinations has been put back in production with complete overhauling and maintenance work. Cap-Ex for this project was in range of Rs 29 crore while setting up, the company said.
Similarly POF manufacturing line involved from Italy, Europe involving a Cap-Ex of Rs 15.5 crore during setting up has also been put back in production with complete overhauling, Radha Madhav said.
Radha Madhav said that above two projects shall have a significant positive impact on the business of the company. These products shall cater to existing customers in pharmaceutical, FMCG and general packaging sector, the company added.
Facing very insignificant and negligible competition for the above mentioned products, the company shall have better positioning in expanding its franchise model, Radha Madhav Corporation said.
Radha madhav Corporation reported a net profit of Rs 0.42 crore in Q2 September 2014 compared with net loss of Rs 27.89 crore in Q2 September 2013. Net sales rose 90.1% to Rs 8.84 crore in Q2 September 2014 over Q2 September 2013.
Radha madhav Corporation is multi material, multi process, multi product packaging solutions provider.
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