Essel Propack gains after receiving funds

Essel Propack rose 0.87% to Rs 115.80 at 09:46 IST on BSE after the company received Rs 40 crore towards repayment of outstanding dues of inter corporate deposit.

The announcement was made after market hours yesterday, 19 February 2019.

Meanwhile, the S&P BSE Sensex was up 261.84 points or 0.74% at 35,614.45

On the BSE, 7,431 shares were traded in the counter so far as against average daily volume of 21,000 shares in the past two weeks. The stock had hit a high of Rs 118 and a low of Rs 114 so far during the day.

Essel Propack (Essel) said that the company has further received Rs 40 crore towards repayment of outstanding dues of inter corporate deposit. Essel has already received Rs 25.30 crore in last month. The balance amount is expected to be received by March 2019.

Vinay Mokashi, Chief Financial Officer said the receipt of substantial amount out of total outstanding shall further strengthen the cash flow of the company and reduce debts.

Essel Propack's consolidated net profit rose 13.54% to Rs 45.45 crore on 15.97% increase in total income to Rs 698.28 crore in Q3 December 2018 over Q3 December 2017.

Essel Propack is the largest specialty packaging global company, manufacturing laminated plastic tubes catering to the FMCG and pharma space.

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