Shares of microcap company Premier Polyfilm are at 20% upper circuit for a second day, rising to a record high at a scorching pace of nearly 58% in just five days, after September quarter earnings and triggers related to expansion of business.
As of 3:00 pm, more than 56 lakh shares of Premier Poly changed hands, while its 20-day average volume only 50,000 shares, as per data. Shares of Premier Polyfilm are higher by 122% on a YTD basis, poised for its fifth straight year of gains.
Earlier on October 14, Premier Poly, which is into the business of specialty films and sheets, reported its quarterly results posting a net profit of Rs 7.42 crore, higher by 44% compared to a year ago. Revenue came in at Rs 78.73 crore, higher by 3% on year.
Premier Polyfilm also approved an industrial land purchase in Tamil Nadu for future expansion, details of which will be shared at a later date, said the company. The company had in August set up a factory in Bulandshahar District of UP, to make artificial PVC leather, PVC sheets and films, and knitted fabric.
The company claims to have a significant share of the vinyl flooring and sheeting market, and projects an overall annual growth of over 10% for the sector.
Premier Poly has also fixed November 5 as the record date for its stock split, as per an exchange filing.
The shares of Premier Poly had seen a sharp spike in October 2023 as well, rising 66%, thus prompting a query by the stock exchange, seeking clarification from the company. The management had replied with a request for an investigation into the unusual move in the share price.
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