Uflex gains after divesting 75% stake in unit

Uflex rose 3.16% to Rs 75.05 at 14:29 IST on BSE after the company said it divested 75% stake in its unit, Flex Films (USA) Inc, to another unit, Flex Middle East FZE, Dubai.

The announcement was made during trading hours today, 22 November 2013.

Meanwhile, the BSE Sensex was up 51.89 points, or 0.26%, to 20,280.94.

On BSE, 97,000 shares were traded in the counter compared with average volume of 35,572 shares in the past one quarter.

The stock hit a high of Rs 78.40 and a low of Rs 72 so far during the day. The stock hit a 52-week high of Rs 108 on 16 January 2013. The stock hit a 52-week low of Rs 47.50 on 7 August 2013.

The stock had outperformed the market over the past one month till 21 November 2013, rising 14.03% compared with the Sensex's 3.18% fall. The scrip had also outperformed the market in past one quarter, rising 24.36% as against Sensex's 12.97% rise.

The small-cap company has an equity capital of Rs 72.21 crore. Face value per share is Rs 10.

Uflex said it divested 75% of its holding (4800 fully paid and non-assessable shares of $5000 each) in its wholly-owned subsidiary, Flex Films (USA) Inc, to its another wholly-owned subsidiary, Flex Middle East FZE, Dubai.

Uflex said it has received the sale consideration against the sale of aforesaid shares.

On a consolidated basis, Uflex's net profit fell 19.3% to Rs 45.77 crore on 20.7% increase in net sales to Rs 1475.01 crore in Q2 September 2013 over Q2 September 2012.

Over the years, Uflex has integrated its operations from manufacture of polyester chips, films (BOPET, BOPP and CPP -- both in plain and metalized form), coated film, laminates, pouches, holographic films gravure cylinders, inks and adhesives to all types of packaging & printing machines, offering total flexible packaging solutions.

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