Plastic Manufacturers

Candytoy Corporate raises Rs 110 cr to expand manufacturing capacity

Plastic promotional toys and confectionery manufacturer Candytoy Corporate has secured an investment of Rs 110 crore in a funding round. This Series A round of funding was led by a large pool of domestic investors, high networth individuals (HNIs), angel investors and institutional investors, according to a statement issued by the Indore-based candy toy maker. This new round of funding will enable Candytoy Corporate (CTC) to expand its manufacturing capabilities and invest in nurturing top talent nationwide to support its fast-paced growth, it added. "We are getting into a very exciting phase. This series A deal of Rs 110.5 crore with 13 per cent liquidation will not only help propel our growth but also invest in the incredible talent that drives our success to take on the new business orders received from across the globe," CTC Director Gaurav Mirchandani said. CTC manufactures candy toys for companies such as Colgate, Puma, MTR, Bournvita, Yellow Diamonds, Vistara Airlines and ..

Supreme Ind stock dips on weak Q2; brokerages lower earnings estimates

PVC resin saw a 19 per cent rise during the June quarter, which was followed by a 17 per cent fall in July and August

New plastic management rules will impact FMCG companies: Analysts

India is the third-largest plastic producer globally. While these new norms will put India ahead in the global league, they will also impact packaging costs for consumer companies

Plastic pollution: What do countries, firms want in global treaty talks?

Meanwhile, the 60-nation "High-Ambition Coalition", which includes EU countries, island nations, Japan and the UAE, wants to end plastic pollution by 2040

Supreme Industries Q3 results: Profit rises 22% to Rs 256.17 crore

Plastic products maker Supreme Industries Ltd on Friday reported an increase of 22 per cent in its consolidated net profit to Rs 256.17 crore in the third quarter ended December 2023. The company had posted a net profit of Rs 210.03 crore in the October-December period a year ago, according to a regulatory filing. Its total revenue from operations was up 6 per cent to Rs 2,449.10 crore in the October-December quarter. It was at Rs 2,310.71 crore in the corresponding period of previous fiscal. Total expenses of Supreme Industries were at Rs 2,152.66 crore, up 3.82 per cent in the December quarter. Supreme Industries' total income, which includes other income, was at Rs 2,469.81 crore, up 6.5 per cent in third quarter of current fiscal. Over the outlook, its Managing Director M P Taparia said, "The company remains optimistic for business opportunities and continues to commit more capex in line with its growth plans. "Total commitments including acquisition of business of Parvati A

Plastic exports grew 9.4% to $933 mn in Oct on festive demand: Plexconcil

Plastic exports grew 9.4 per cent year-on-year to USD 933 million as the raw material prices declined and festive demand in key markets increased, Plexconcil said on Thursday. The country's plastic exports stood at USD 852 million in October 2022, industry body Plastics Export Promotion Council (Plexconcil) said in a statement. "We are very pleased to see a positive movement in exports of most of the product segments in October. There is an increase in demand following the festival season in the key markets. "We also saw a decline in raw material prices, which boosted exports. We hope that this trend continues into the next few months, and we are able to achieve overall growth despite the dampening performance in the past six months," Plexconcil Executive Director Sribash Dasmohapatra said. Exports of consumer and houseware products improved by 6.3 per cent in October, primarily due to higher sales of tableware and kitchenware made of plastics, builders ware of plastics and furnitu

Plastic manufacturers push for import duty hike, PLI scheme to spur growth

The All India Plastics Manufacturers Association (AIPMA) has called for a revision in import duties on plastic goods and inclusion of production linked incentive (PLI) scheme for the sector to spur growth. Association president Mayur D Shah said they want the government to raise the import duty to 20 per cent from 10 per cent now and emphasized that these measures are essential to spur the growth of the 'Make in India' initiative within the plastics industry. On the sidelines of the 6th Technology Conference for Growth of Plastic Industry in the city, Shah said, "AIPMA's comprehensive study revealed that plastic goods worth Rs 37,500 crore were imported during the fiscal year 2021-22, with China accounting for 48 per cent of these imports." "AIPMA after a detailed study identified 553 plastic products that could be potentially substituted with domestic manufacturing, a strategic move that is projected to create a substantial demand for raw materials, plastics processing machinery, a

Massive fire at plastic factory in West Bengal's South 24 Parganas

A massive fire broke out in a plastic manufacturing factory in West Bengal's South 24 Parganas district, a fire official said. The blaze erupted in the unit in Mallikpur area on Saturday and 15 fire engines are continuing efforts to douse it, District Fire Officer T K Dutta said. No casualties have been reported so far and no workers were present in the factory at the time of the incident. "There are fires in at least five pockets. It may take the entire day today to completely douse the blaze," Dutta said. The cause of the blaze is yet to be ascertained, he added.

Industry body AIPMA asks govt to hike import duty on finished plastic goods

All India Plastics Manufacturers Association (AIPMA) on Monday urged the government to double import duty on finished plastic products to 20 per cent and provide incentives to domestic manufacturers to make India self-reliant. The association has conducted a detailed study on the import of plastic goods in the country. "A large quantity of finished plastic goods is being imported. We need to curb that. We urge the government to increase import duty of plastic finished goods (HS Code 3916 to 3926) from 10 per cent to 20 per cent," AIPMA President Mayur D Shah told reporters here. The country imported plastic goods worth Rs 37,500 crore in 2021, mainly from China, he said. Shah said there are around 50,000 plastic manufacturers in India and their combined annual turnover is about Rs 3.5 lakh crore. AIPMA has selected 550 plastics for import substitution. "It is estimated that import substitution of plastic goods worth Rs 37,500 crore would create additional requirement of around 4

Ineffective implementation: Ban on single-use plastic is not working

The menace of plastic pollution cannot be mitigated without ensuring plastic-product manufacturers' stringent compliance with the extended producer responsibility

Punjab to Odisha, single-use plastic ban has little effect in towns

Small businesses say they were not consulted about the restriction and they can't refuse customers

Single-use plastic ban comes into effect: List of banned daily-use items

In a bid to implement the ban on single-use plastic smoothly, the Union environment ministry said that the state governments will initiate an enforcement campaign

Manufacturers protest ban on rigid single-use plastics, fear loan default

Industry grouse - 22 products have been banned although they are fully recyclable, while non-recyclable packaging used by FMCG firms have been let off

Govt releases new plastic waste management norms: How they fall short

The draft rules propose to give manufacturers five years to achieve waste management targets, starting with 30% and moving up to 90% in the fifth year

Strong rural demand cushions volume weakness for Supreme Industries

Expanding distribution reach, value added products to help revenues, margins

Global plastic production up from 300 MMT to 360 MMT in 5 years: Researcher

Plastics less than five millimetres in length are called 'microplastics' and the relatively larger particles, of more than 5 mm, are classified as 'macroplastics'

Masks, gloves, PPEs and the plastic conundrum we need a solution to

The plastic ban in India, which had just started to take effect, has been substantially derailed given current needs and with enforcement systems looking the other way.

Vizag gas leak: NGT orders LG Polymers to deposit Rs 50 cr pending probe

NGT bench set up fact-finding committee, to be headed by former AP High Court judge

India's plastic exporters eye China's market share in western world

India's share in the $1 trillion global plastic exports market is 1% currently, while China's is as much as 10%

NGT asks Pollution Control Board to curb plastic manufacturing violations

The NGT had earlier said there was no proper mechanism for plastic waste management in the country and directed the CPCB to take necessary action in this regard.