Essel Propack tumbles on heavy volumes

Essel Propack tumbled 5.13% to Rs 259 after the counter witnessed multiple block deals in early trade today, 18 September 2020.

On the BSE, the counter clocked a volume of 7.55 crore shares as against its average trading volume of 22,346 shares in the past one quarter. The stock lost 6.11% to hit a low of Rs 256.30 on BSE in initial trade today.

On the NSE, the scrip declined 5.19% to Rs 258.60. The counter clocked a volume of 52.60 lakh shares compared with its average trading volume of 2.99 lakh shares in the past one quarter. The stock shed 5.26% to hit a low of Rs 258.4 on NSE in initial trade today.

The media reported that the Epsilon Bidco, a Blackstone entity, intends to sell up to 23% stake, representing around 7.25 crore shares of the company. The reported added that the sale would be done at the floor price of Rs 255 per share and would reportedly fetch Blackstone about Rs 1,850 crore.

Epsilon Bidco held 74.99% stake in the company as on 30 June 2020.

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

The company's consolidated net profit rose 14% to Rs 45.62 crore on a 17.7% increase in net sales to Rs 741.49 crore in Q1 FY21 over Q1 FY20.

In the past six months, the stock has surged 76.12% while the benchmark S&P BSE Sensex added 35.34% during the same period.

Powered by Capital Market - Live News