India's Ester Industries hits near 1-yr high on JV with Loop Industries

Ester Industries

02/05/2024 09:10

** Shares of polyester films and specialty polymers maker
Ester Industries  ESTR.NS  rise as much as 9.3% to 131 rupees,
highest since May 26, 2023
    ** ESTR says it has formed a JV with Loop Industries
 LOOP.O  to build a manufacturing facility in India
    ** Facility will produce recycled dimethyl terephthalate,
recycled mono-ethylene glycol and speciality polymers from waste
polyesters, adds ESTR
    ** Construction of facility is expected to be completed by
end of 2026, with commercial operations starting in early 2027
    ** Stock on track to snap three consecutive sessions of
losses, if gains hold
    ** Trading vol 1.9x 30-day daily avg
    ** Stock up ~42% YTD



 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))