The trading floor witnessed an upswing as Uflex, a leading player in the packaging industry, saw its shares surge by an impressive 6% during the opening trade on April 2. This notable increase came in the wake of the company’s latest development: the successful commissioning of a CPP (Cast Polypropylene) film production line at its subsidiary in Russia.
As the clock struck 9:24 am, Uflex was seen quoting at Rs 447 on the Bombay Stock Exchange (BSE), marking a significant rise of Rs 25 or 5.92% from its previous closing price.
Flex Films Rus LLC, Uflex’s step-down subsidiary in Russia, initiated operations of the CPP film production line on April 1. With an installed capacity of 18,000 metric tons per year, this state-of-the-art facility is poised to enhance Uflex’s manufacturing capabilities and bolster its market presence in the region.
In addition to the milestone achieved in Russia, Uflex achieved yet another feat closer to home. On March 31, the company announced the commencement of commercial production at its manufacturing facility located in Panipat, Haryana. This facility boasts an impressive installed capacity of 168,000 metric tons per annum for manufacturing Poly Condensed Polyester Chips, a vital raw material utilized in BOPET (Biaxially Oriented Polyethylene Terephthalate) packaging films. These chips are either utilized internally or sold to third-party customers, further diversifying Uflex’s revenue streams.
The journey of Uflex shares over the past year reflects the company’s resilience and growth trajectory. Despite experiencing fluctuations, the stock reached its 52-week high of Rs 499.85 on December 28, 2023, and its 52-week low of Rs 335.35 on April 3, 2023. Presently, the stock is trading approximately 10.57% below its yearly high but remains 33.29% above its yearly low.
This surge in Uflex’s share price, coupled with its strategic expansions and achievements, underscores the confidence investors have in the company’s long-term growth prospects and its ability to navigate through evolving market dynamics successfully.
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