Essel Propack gains after announcing fund raising plans

Essel Propack gained 1% to Rs 214 at 14:05 IST on BSE after the company announced that it is raising funds through issuance of commercial papers aggregating Rs 25 crore on private placement basis.

The announcement was made after market hours yesterday, 15 September 2016.

Meanwhile, the S&P BSE Sensex was up 177.98 points or 0.63% at 28,590.87.

On BSE, so far 703 shares were traded in the counter as against average daily volume of 9,353 shares in the past one quarter. The stock hit a high of Rs 219.75 and a low of Rs 213.25 so far during the day. The stock had hit a record high of Rs 233.10 on 25 August 2016. The stock had hit a 52-week low of Rs 132.50 on 20 January 2016. The stock had underperformed the market over the past one month till 15 September 2016, falling 0.98% compared with 0.93% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 12.92% as against Sensex's 6.31% rise.

The mid-cap company has equity capital of Rs 31.42 crore. Face value per share is Rs 2.

Essel Propack said commercial papers relating to secured working capital facilities will be issued on 20 September 2016 and have tenure of 90 days.

Essel Propack's consolidated net profit rose 6% to Rs 37.62 crore on 6.3% fall in net sales to Rs 517.64 crore in Q1 June 2016 over Q1 June 2015.

Essel Propack is a part of the Essel Group and is the largest specialty packaging global company, manufacturing laminated plastic tubes catering to the FMCG and Pharma space.

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