Jindal Poly Films stock up 10% after buying 100% stake in JPF Netherlands Investment

The share of Jindal Poly Films Ltd rose 10 percent in early trade after the firm said it was buying a 100 percent stake in JPF Netherlands Investment BV. The stock of Jindal Poly Films rose 10.04% to Rs 740 against the previous close of Rs 672.50 on BSE. The stock was up at Rs 700 on the BSE. The stock was the best BSE gainer today.

A total of 0.65 lakh shares of the firm has changed hands, amounting to a turnover of Rs.476 crore. The company's market cap rose to 3193.4 crore from Rs 3193.4 a year ago. The stock was up 8.45% at 729.30 on the BSE at 11: 10 am. It was up 4.09% to Rs 700 today.

On August 4, 2022, Jindal Poly Films stock hit a 52-week high of 1164.05 and a 52-week low of 485 on March 28, 2023.

The RSI of Jindal Poly Films is 73.9, indicating it's trading in the overbought zone. The stock has a beta of 1.2, which indicates very high volatility in a year. Jindal Poly Films shares are trading higher than the five-day, 20-day, 50-day and 100-day moving averages but lower than 200-day moving averages.

The company said it was purchasing a 100% interest in JPF Netherlands Investment BV, a Netherlands-based company that is active in the business of packing films through three operational wholly owned subsidiaries based out of France, Italy, and the United Kingdom.

These businesses are involved in the production of specialty, nylon, coated and metalized films and laminates. The products are mainly used as flexible packaging for foods, pharma, and luxury industries, it said.

Jindal Poly Films reported a drop in sales to 734 crore in the March 2023 quarter compared to 1720 crore in the March 2022 quarter. In Q4 of the report, it reported a loss of Rs 385 crore against Rs492.04 crore in the same period in March 2022. In Q4 of EBITDA, 97.44% fell to Rs11.57 crore compared to Rs 452.45 crore in the March quarter of 2022.

On a annual basis, net profit decreased 73.34% to Rs 318.93 crore for the fiscal end of March 2023 compared to Rs 1196.24 crore for the fiscal end of March 2022. Sales slipped 21.27% to Rs 4627 crore in the March 2023 fiscal, against Rs 5877 crore for the fiscal ended March 2022.