Fiberweb (India) moves higher on bonus issue proposal

Fiberweb (India) was up 2.84% to Rs 340 at 14:28 IST on BSE after the company announced scheduling a board meeting on 5 December 2017, to consider the issue of bonus shares to the existing shareholders.

The announcement was made during market hours today, 28 November 2017.

Meanwhile, the S&P BSE Sensex was down 109.77 points or 0.33% at 33,614.67.

On the BSE, 3.33 lakh shares were traded on the counter so far as against the average daily volumes of 76,702 shares in the past one quarter. The stock had hit a high of Rs 348.80 and a low of Rs 331.20 so far during the day. The stock had hit a record high of Rs 389 on 16 May 2017 and a 52-week low of Rs 123.75 on 2 December 2016.

On a consolidated basis, Fiberweb (India)'s net profit rose 202.8% to Rs 8.51 crore on 181.6% growth in net sales to Rs 62.12 crore in Q2 September 2017 over Q2 September 2016.

Fiberweb (India) makes and exports garbage bags and carrier bags. The company has also established its flagship unit for spun bond nonwoven fabrics, being the first of its kind in India.

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