Jindal Poly Films surges as its arm to acquire entire stake in SMI Coated Products
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Jindal Poly Films is currently trading at Rs. 1141.55, up by 22.65 points or 2.02% from its previous closing of Rs. 1118.90 on the BSE.
The scrip opened at Rs. 1159.95 and has touched a high and low of Rs. 1160.40 and Rs. 1131.80 respectively. So far 3447 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1444.40 on 17-Mar-2022 and a 52 week low of Rs. 713.30 on 29-Apr-2021.
Last one week high and low of the scrip stood at Rs. 1148.85 and Rs. 1099.40 respectively. The current market cap of the company is Rs. 4988.37 crore.
The promoters holding in the company stood at 74.55%, while Institutions and Non-Institutions held 2.92% and 22.54% respectively.
Jindal Poly Films’ wholly owned subsidiary -- Jindal Polypack has entered into an agreement to acquire 100% shareholding of SMI Coated Products which is engaged in the manufacturing of pressure sensitive label stocks.
The acquisition would augment in Jindal Poly films existing growth plans resulting in forward integration by expanding into downstream product segment i.e. labels and related products. Jindal Polypack may source some of its raw material from Jindal Poly films. Implementation of business synergies in R&D, overhead cost, manufacturing best practices, etc. The company has an investment horizon for a long-term basis, and company plan to expand the business further in the near future.
Jindal Poly Films is a part of the diversified B C Jindal group. The group has interests in flexible packaging, photographic products, thermal power generation and steel products. JPFL has the world’s single largest site for production of BOPP and BOPET films at Nasik, India.
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