Essel Packaging Picks Up

Close on 9/5/97: Rs 11.25

Close on 2/5/97: Rs 8.75

This scrip registered a 28.57 per cent rise over the previous week. This was mainly due to the news that the government plans to disinvest another 18.5 per cent in this company. Currently, the government holding in the company is 92.5 per cent and after the proposed disinvestment, it will come down to 74 per cent.

The company also plans to start a shipping line as the entire urea production of 1.45 million metric tonnes from the Oman India fertiliser project is to be shipped to India as per the buy-back agreement.

The other projects in the pipeline include an expansion plan of increasing the urea capacity by 7.26 lakh tonnes per annum, 30,000 tonnes of methyl amines, 1.48 lakh tonnes of nitric acid and 16,000 tonnes of ammonium bicarbonate chloride project.

Essel Packaging

Close on 9/5/97: Rs 115

Close on 2/5/97: Rs 100.5

As the company announced excellent results for 1996-97, FII interest in this improved and the scrip gained 14.43 per cent in previous week. For the year ended March 1997, the company