Polyplex Corporation jumps as its step-down arm commissions new projects
Polyplex Corporation is currently trading at Rs. 1244.50, up by 31.30 points or 2.58% from its previous closing of Rs. 1213.20 on the BSE.
The scrip opened at Rs. 1249.95 and has touched a high and low of Rs. 1250.40 and Rs. 1225.90 respectively. So far 1171 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1480.00 on 11-Dec-2024 and a 52 week low of Rs. 752.55 on 04-Jun-2024.
Last one week high and low of the scrip stood at Rs. 1250.40 and Rs. 1123.25 respectively. The current market cap of the company is Rs. 3912.91 crore.
The promoters holding in the company stood at 26.69%, while Institutions and Non-Institutions held 11.07% and 62.23% respectively.
Polyplex (USA) LLC, USA (PU), a Wholly owned subsidiary of Polyplex Thailand Public Company, Thailand (PTL), which in turn is a subsidiary of Polyplex Corporation, has commissioned and started trial runs of two projects include new brown field BOPET Thin film line with a capacity of 50,000 MT p.a. taking the total capacity in the US to 81,000 MT p.a.; and capacity debottlenecking of the existing PET resin plant from 58,000 MT p.a. to 86,000 MT p.a.
The commercial production on these projects is expected to commence within the next few days. The aggregate capital expenditure for the said projects amounting to about $124 million (excluding working capital) has been met out of mix of internal accruals and borrowings. With the commissioning of above projects, PU becomes the largest and most cost-competitive producer of BOPET thin films in the US.
Polyplex Corporation is principally engaged in the manufacturing of polyester (PET) film globally.
