UK buy propels Essel Propack up

DALAL STREET SPIKES

Shares of Essel Propack spurted as much as 9 per cent in intra-day trades to touch Rs 203 after the company announced that it has acquired 100 per cent stake in Arista Tubes, UK.

Arista Tubes is the leading manufacturer of plastic tubes in the UK and has a 30 per cent market share. The seamless plastic tubes manufactured by Arista are predominantly for cosmetics, personal care, toiletries and pharma sector.

The stock, however, came off from its day's high to close at Rs 194.55, up 4.3 per cent from its previous close of Rs 186.15. The counter witnessed volumes of more than 50 thousand shares on the BSE.

The acquisition has been made through Lamitube Technologies, Mauritius, a wholly owned subsidiary of the company. The cost of the acquisition is, however, not known. The counter was equally active on the NSE and registered volumes of more than 1.06 lakh shares.