PG Electroplast gains after commissioning PU paint shop facility

PG Electroplast rose 1.87% to Rs 310 at 10:01 IST on BSE after the company said that it successfully commissioned the PU paint shop at its Greater Noida facility.

The announcement was made after market hours on Friday, 16 February 2018.

Meanwhile, the S&P BSE Sensex was down 172.81 points, or 0.51% to 33,837.95.

On the BSE, 816 shares were traded in the counter so far compared with average daily volumes of 22,175 shares in the past one quarter. The stock had hit a high of Rs 314.35 and a low of Rs 302.55 so far during the day. The stock hit a 52-week high of Rs 460 on 4 January 2018. The stock hit a 52-week low of Rs 169 on 9 March 2017.

The stock had underperformed the market over the past 30 days till 16 February 2018, falling 31.53% compared with 3.54% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 21.07% as against Sensex's 2% rise. The scrip had outperformed the market in past one year, rising 58.90% as against Sensex's 19.47% rise.

The small-cap company has equity capital of Rs 16.41 crore. Face value per share is Rs 10.

PG Electroplast said the facility was inaugurated by manufacturing head of Orient Electric. The company has entered into a strategic tie up with Orient Electric for the PU paint shop. The current capacity of the PU paint shop is 2000 fans per day.

With this development, the company's position has strengthened further in the plastics space in India. This will lead to better value addition for the company and as capacity utilization ramps up, this capacity will add to the top and bottom line of the company.

Net profit of PG Electroplast rose 65.52% to Rs 0.48 crore on 13.48% rise in net sales to Rs 81.39 crore in Q3 December 2017 over Q3 December 2016.

PG Electroplast is engaged in plastic molding and electronic manufacturing services for leading consumer durable and automotive plastic companies in India.

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