Polyplex Corp extends gains after hiking stake in Thai unit

Polyplex Corporation rose 1.34% to Rs 280.65 at 15:10 IST on BSE, extending Friday's 0.76% rise triggered by the company raising its holding in Thai subsidiary to 54.08% from 51%.

The announcement was made before market hours on Friday, 10 June 2016. Shares of Polyplex Corporation rose 0.76% to Rs 276.95 on Friday, 10 June 2016. The stock has risen 2.11% in two sessions from its close of Rs 274.85 on Thursday, 9 June 2016.

Meanwhile, the BSE Sensex was down 235.46 points, or 0.88%, to 26,400.29.

On BSE, so far 5,757 shares were traded in the counter, compared with an average volume of 2.61 lakh shares in the past one quarter. The stock hit a high of Rs 288 and a low of Rs 278.10 so far during the day. The stock hit a 52-week high of Rs 327.70 on 5 August 2015. The stock hit a 52-week low of Rs 177 on 12 June 2015. The stock had outperformed the market over the past one month till 10 June 2016, rising 17.90% compared with 3.28% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 24.75% as against Sensex's 7.76% rise.

The small-cap company has an equity capital of Rs 31.98 crore. Face value per share is Rs 10.

The hike in stake was effected after the conclusion of a rights offering of ordinary shares (including purchases from open market) by subsidiary. The rights offering of shares was made by Polyplex (Thailand) Public Company (Polyplex Thailand) at a price of Baht 6.40 per share of the face value of Baht 1 each, the company said. Polyplex Thailand is listed on The Stock Exchange of Thailand.

Polyplex Corporation's consolidated net profit rose 248.1% to Rs 62.73 crore on 7.3% rise in net sales to Rs 825.75 crore in Q4 March 2016 over Q4 March 2015.

Polyplex Corporation is among the world's largest manufacturers of thin polyethylene terephthalate (PET) film. The company runs integrated manufacturing and distribution operations in six countries viz. India, Thailand, Turkey, USA, China and Netherlands.

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