Uflex share price up over 2% after chemicals business secures a patent
The chemicals business of UFlex secured a patent on 'A process for the preparation of Epoxy Ester Resin, the company has said.
January 18, 2021 / 11:32 AM IST
Uflex share price added more than 2 percent intraday on January 18 after the company's chemicals business secured a patent.
The chemicals business of UFlex secured a patent on 'A process for the preparation of Epoxy Ester Resin in accordance with the provisions of the Patents Act, 1970, the company said in the release.
"We are extremely delighted with the continued strengthening of our R&D prowess. The issuance of this patent is another step in the development of a robust portfolio for our business. This is part of our initiative to backward integrate, using our inherent strengths," said Rajesh Bhasin, Joint President, Chemicals Division, UFlex.
This is the first patent for chemicals business ever in India and a global patent would be sought in due course of time, it said.
UFlex is a leading manufacturer of inks, coatings and adhesives for flexible packaging, cartons, labels, and paperboard.
The new patent will ensure technical advancement in providing a process for resin preparation where no waste-water treatment will be required, which is a significant move in the direction of sustainability, it added.
At 1122 hours, Uflex was quoting at Rs 375.90, up Rs 3.15, or 0.85 percent, on the BSE.
The share touched its 52-week high of Rs 403.15 on December 8, 2020 and a 52-week low of Rs 119.95 on March 25, 2020. It is trading 6.76 percent below its 52-week high and 213.38 percent above its 52-week low.