Max Ventures and Industries jumps as its arm to invest Rs 500 million in new CPP Line
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Max Ventures And Industries is currently trading at Rs. 61.45, up by 1.60 points or 2.67% from its previous closing of Rs. 59.85 on the BSE.
The scrip opened at Rs. 60.45 and has touched a high and low of Rs. 62.25 and Rs. 60.05 respectively. So far 2402 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 67.00 on 12-Mar-2021 and a 52 week low of Rs. 26.15 on 20-May-2020.
Last one week high and low of the scrip stood at Rs. 65.90 and Rs. 59.50 respectively. The current market cap of the company is Rs. 901.00 crore.
The promoters holding in the company stood at 49.68%, while Institutions and Non-Institutions held 30.58% and 19.74% respectively.
Max Ventures & Industries’ (MaxVIL) subsidiary -- Max Speciality Films (MSFL) is planning to invest upto Rs 500 million in a new CPP Line which will have a capacity of 7.2 KTPA (Kilo Tonnes Per Annum).
The new CPP Line expansion will be funded entirely through internal accruals. Work on the capex will commence in Q2FY22 and is expected to be commercialized in Q2FY23. Demand for the CPP Films has been robust and expanding the capacity will enable MSFL to cater to the growing market for such films. Apart from robust demand these films enjoy, they will also further enhance the sustainability factor of MSFL as these films are easier to recycle.
Max Ventures and Industries, a part of the $3.2 billion Max Group, operates primarily in the areas of manufacturing and real estate.
