Uflex soars on investing around $200 million in Egypt on two projects
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Uflex is currently trading at Rs. 522.85, up by 6.75 points or 1.31% from its previous closing of Rs. 516.10 on the BSE.
The scrip opened at Rs. 520.35 and has touched a high and low of Rs. 522.85 and Rs. 513.75 respectively. So far 623 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 859.90 on 23-Aug-2024 and a 52 week low of Rs. 380.05 on 04-Jun-2024.
Last one week high and low of the scrip stood at Rs. 535.00 and Rs. 513.75 respectively. The current market cap of the company is Rs. 3760.05 crore.
The promoters holding in the company stood at 44.58%, while Institutions and Non-Institutions held 8.21% and 47.21% respectively.
Uflex is investing around $200 million (over Rs 1,710 crore) in Egypt on two projects as part of its backward integration strategy, in a bid to serve markets neighbourhood countries and Europe, besides catering to domestic requirements.
The company is putting in around $70 million on a facility of PET chips (polyethylene terephthalate) - a raw material essential for BOPET films (thin polyester packaging films) as part of the backward integration strategy and another $125-130 million on an aseptic packaging unit.
In India the company has already set up a PET chips facility in Panipat at an investment of Rs 600 crore to meet its Indian requirement and was completed in April this year.
Uflex is India's largest multinational flexible packaging materials and Solution Company and an leading global player on polymer sciences.
