Manjushree Technopack soars 24% in two sessions

Manjushree Technopack rose 3.34% to Rs 454.95 at 13:18 IST on BSE, extending Wednesday's 20% rise triggered by the company's board approving the proposal of delisting the company's shares from BSE and NSE.

The announcement was made before trading hours on Wednesday, 12 November 2014. The stock hit an upper circuit limit of 20% at Rs 440.25 on that day. It has risen 24% in two trading sessions from Rs 366.90 on 11 November 2014.

Meanwhile, the BSE Sensex was down 3.48 points, or 0.01%, to 28,005.42.

On BSE, so far 34,000 shares were traded in the counter, compared with an average volume of 5,220 shares in the past one quarter.

The stock hit a high of Rs 485 and a low of Rs 442 so far during the day. The stock hit a record high of Rs 491 on 27 October 2014. The stock hit a 52-week low of Rs 120.05 on 13 November 2013.

The stock had underperformed the market over the past one month till 12 November 2014, falling 4.76% compared with 6.51% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 5.06% as against Sensex's 8.22% rise.

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

Manjushree Technopack will seek shareholders approval for the proposed delisting offer through a postal ballot process.

Meanwhile, the company also said that its promoters received a letter from investors - Ladoga Holdings and Kedaara Capital Alternative Investment Fund - Kedaara Capital AIF - indicating an initial interest in purchasing upto 24% of the equity share capital of the company at a price of Rs 455 per equity share of the company.

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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