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Arrow Greentech gains on patent rights from European Patent Authorities

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Arrow Greentech gained 2.71% to Rs 580.10 at 14:27 on after the company said it has received patent rights from European Patent Authorities for its patent titled High Security Paper.

The announcement was made after market hours on Friday, 6 October 2017.

Meanwhile, the S&P Sensex was up 67.78 points or 0.21% at 31,882. The S&P Small-Cap index advanced 125.69 points or 0.76% at 16,754.92.

On the BSE, 14,000 shares were traded on the counter so far as against the average daily volumes of 14,275 shares in the past one quarter. The stock had hit a high of Rs 589 and a low of Rs 570 so far during the day. The stock had hit a 52-week high of Rs 715 on 7 September 2017 and a 52-week low of Rs 390.50 on 9 November 2016.

The stock had underperformed the market over the past one month till 6 October 2017, sliding 16.44% compared with the Sensex's 0.48% rise. The stock had also underperformed the market over the past one quarter, advancing 0.54% as against the Sensex's 1.42% rise. The scrip had outperformed the market over the past one year, gaining 19.84% as against the Sensex's 13.19% rise.

The small-cap company has equity capital of Rs 11.74 crore. Face value per share is Rs 10.

The invention relates to high security paper wherein the security features are incorporated into the paper during the manufacturing process using a polymeric film as a carrier for security features. The security features may be light source readable or machine readable or both, Arrow Greentech said in a press release.

On a consolidated basis, Arrow Greentech's net profit fell 42.3% to Rs 4.73 crore on 2% growth in net sales to Rs 12.40 crore in Q1 June 2017 over Q1 June 2016.

Arrow Greentech (formerly known as Arrow Coated Products) is engaged in manufacturing self-adhesive vinyls, media for large format printing machines, thermal transfer ribbons for bar-coding and bio-degradable water soluble film.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, October 09 2017. 14:24 IST