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Uflex gains after successfully testing Flexfresh

Capital Market 

Uflex rose 0.89% to Rs 231.80 at 11:44 IST on BSE after the company successfully performed flexfresh liner bag trials to determine the possible shelf life extension for Papaya.

The announcement was made during market hours today, 26 August 2016.

Meanwhile, the S&P BSE Sensex was down 29.45 points or 0.11% at 27,806.45

On BSE, so far 7,152 shares were traded in the counter as against average daily volume of 88,082 shares in the past one quarter. The stock hit a high of Rs 234 and a low of Rs 230.75 so far during the day. The stock had hit a 52-week high of Rs 253 on 25 July 2016. The stock had hit a 52-week low of Rs 132.20 on 29 February 2016. The stock had underperformed the market over the past 30 days till 25 August 2016, falling 5.2% compared with Sensex's 0.67% fall. The scrip had, however, outperformed the market in past one quarter, advancing 23.26% as against Sensex's 4.44% rise.

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

Uflex said that the trials were jointly performed with Perfotec in India as well as Holland with leading growers and importers to determine the shelf life extension solution for Papaya. Perfotec and Uflex have been working with fresh produce growers to maximize shelf life using active modified atmosphere packaging (AMAP) solution. Trials were conducted with flexfresh liner bags in open top corrugated boxes. Product was packed semi ripe condition in warm condition inside liner bags and were hermetically closed and moved to the cold store. By using flexfresh liner bags the product remains dry and registers a very low weight loss, due to the hydrated environment inside the bag, Uflex said. N Siva Shankaran Vice President - Flexfresh at Uflex said that Flexfresh does not allow condensation due to its unique proprietary formulation giving a major relief to exporters against bacterial and fungal infections. With the biodegradability bag, it is a perfect sustainable solution.

On consolidated basis, Uflex's net profit rose 11.62% to Rs 86.16 crore on 4.52% decline in net sales to Rs 1480.42 crore in Q1 June 2016 over Q1 June 2015.

Uflex is one of the India's largest end-to-end flexible packaging companies.

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

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First Published: Fri, August 26 2016. 12:04 IST