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Last Updated : Aug 04, 2020 12:09 PM IST | Source: Moneycontrol.com

Essel Propack shares surge 12%, hits 52-week high after management's positive outlook

Revenue from operations climbed 17.72 percent to Rs 741.49 crore, as against Rs 629.83 crore in the corresponding quarter of the previous fiscal while total expenses were at Rs 669.04 crore compared to Rs 591.77 crore earlier, up 13.05 percent.

 
 
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Essel Propack share price jumped over 12 percent intraday on August 4. The stock has surged over 32 percent in the last three days.

The company on July 30 reported a 13.96 percent increase in consolidated net profit to Rs 45.62 crore for the June quarter. The company had posted a net profit of Rs 40.03 crore in the April-June period a year ago, Essel Propack said in a BSE filing.

Revenue from operations climbed 17.72 percent to Rs 741.49 crore, as against Rs 629.83 crore in the corresponding quarter of the previous fiscal. Total expenses were at Rs 669.04 crore compared to Rs 591.77 crore earlier, up 13.05 percent.

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The scrip was trading at Rs 272.65, up Rs 29.65, or 12.20 percent at 11:39 hours. It has touched a 52-week high of Rs 280. It was trading with volumes of 83,614 shares, compared to its five day average of 46,227 shares, an increase of 80.88 percent. It was also one of the top BSE smallcap gainers.

Speaking to CNBC-TV18, the company's MD and CEO said that things are back to normal for the company with the health and hygiene segment doing very well.

The company is partnering with 50 brands across the world for sanitiser tubes with the margins higher than in traditional business adding that utilisation is at healthy levels upwards of 80 percent.

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According to Moneycontrol SWOT Analysis powered by Trendlyne, the stock is showing strong momentum with the price above short, medium and long term moving averages. The company has zero promoter pledge and low debt.

Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.

Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.​
First Published on Aug 4, 2020 12:09 pm
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