Manjushree Technopack hits the roof after delisting approval

Manjushree Technopack hit an upper circuit limit of 20% at Rs 440.25 at 9:40 IST on BSE after the company said its board approved the proposal of delisting the company's shares from BSE and NSE.

The announcement was made before trading hours today, 12 November 2014.

Meanwhile, the BSE Sensex was rose 154.31 points, or 0.55%, to 28,064.37.

On BSE, so far 4,946 shares were traded in the counter, compared with an average volume of 5,361 shares in the past one quarter.

The stock opened with an upward gap of Rs 440.25 and remained stuck at that level so far. The stock hit a record high of Rs 491 on 27 October 2014. The stock hit a 52-week low of Rs 115.70 on 12 November 2013.

The stock had underperformed the market over the past one month till 11 November 2014, falling 20.63% compared with 6.13% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 18.48% as against Sensex's 9.37% rise.

The small-cap company has an equity capital of Rs 13.55 crore. Face value per share is Rs 10.

The company said it will seek shareholders approval in the proposed delisting offer through a postal ballot process.

Manjushree Technopack's net profit declined 34.09% to Rs 1.72 crore on 25.78% growth in net sales to Rs 104.77 crore in Q2 September 2014 over Q2 September 2013.

Manjushree Technopack is a rigid plastic packaging solution provider which specialises in the packaging of consumer goods.

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