Rollatainers soars on joint venture deal with Toyo Machine

Rollatainers is locked in 10% upper circuit at Rs 208 on BSE after the containers and packaging company signed a Joint Venture Agreement with Toyo Machine Manufacturing Company Limited to develop, design, assemble, manufacture, produce industrial machines and spare parts for production packaging and printing machines for all kinds of consumer and industrial products in India and to market, sell and service the products throughout the territory.

“This joint venture will be formed with investment of 50% by Rollatainers and 50% by Toyo Machine Manufacturing Company,” Rollatainers said in a statement.

The joint venture will set up a state of the art manufacturing and design facility near Delhi and will cater to the huge retail food and agricultural processing and pharmaceutical industries that are poised for a rapid growth in the near future, it added.

The stock opened at Rs 190 and has seen around 30,461 shares changing hands on the counter so far. There are pending buy orders for 2,500 shares on BSE at 1133 hours.