Manjushree Technopack soars on plans to set up two PET bottle manufacturing plants

25 Nov 2011

Manjushree Technopack is currently trading at Rs. 82.45, up by 0.95 points or 1.17% from its previous closing of Rs. 81.50 on the BSE.

The scrip opened at Rs. 80.10 and has touched a high and low of Rs. 82.70 and Rs. 80.10 respectively. So far 1493 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 107.95 on 01-Nov-2011 and a 52 week low of Rs. 55.50 on 10-Feb-2011.

Last one week high and low of the scrip stood at Rs. 82.70 and Rs. 72.05 respectively. The current market cap of the company is Rs. 110.41 crore.

The promoters holding in the company stood at 59.11% while Institutions and Non-Institutions held 3.24% and 37.65% respectively.

Manjushree Technopack, a Bangalore-based plastic packaging company, is planning to set up two new PET bottle manufacturing plants at Bangalore to be commissioned by 2012. Currently, the company has got two manufacturing plants in Bangalore with 40,000 tonne per year capacity and with addition of these new plants the total production capacity would increase to 50,000 tonne per year.

Both the plants to be set up would come with an investment of Rs 150 crore. For this the company has already raised Rs 92 crore from State Bank of India while the rest would be funded through internal accruals.

The company recorded a turnover of Rs 216 crore and a net profit of Rs 15 crore.  It has been growing 40 per cent year-on-year and hopes to retain the same growth rate in the coming years. By next year the company expects Rs 300 crore in revenues and net profit of Rs 22 crore.

The PET bottle industry in India is 400,000 tonne and is growing at 20 percent year-on-year, whereas the beverages and bottled water industry is growing at 25 percent.

Manjushree Technopack is a packaging solution provider, providing its customers with cutting edge plastic packaging solutions. The company enjoys a preferred supplier status in regard to the Specialty Plastic Containers, which are marketed under the brand name of ‘POLYPET’ predominantly to MNC’s.

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