EPACK Durable Ltd. stock gained 5 percent, following a clarification on a media report on plans for a Chinese television manufacturer investing in EPACK Durable's wholly owned subsidiary.
The stock was trading at Rs 501.65 as of 12:27 pm on December 26. On value year-to-date basis, the stock has shown a 150 percent increase.
In an exchange filing on December 24, the company said that the discussions are currently in a preliminary stage and that an update will be provided to the exchanges, as and when required.
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In a previous filing the company said that the Board authorized a corporate guarantee for a loan to be obtained by Epavo Electricals Private Limited, a joint venture company. The Board also approved a Trademark License Agreement with EPACK New Age Solutions Limited (formerly known as EPACK Prefabricated Limited) for the use of the "EPACK" trademark in the Company's business operations.
The OEM had also recently made it to the headlines for its tie up with the Hisense group, a multinational appliance and electronics manufacturer aiming to acquire a minority stake in Epack Durable's step-down subsidiary. Through this tie up, the company is aspiring to be among the "Top five brands in air conditioner and appliances in India in the next five years".
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