India's Jindal Poly Films rises after denying sale of European arm

Jindal Poly Films

22/11/2022 09:01

** Shares of packaging films manufacturer Jindal Poly Films
Ltd  JPLY.NS  rise as much as 7.3% to 909 rupees, to hit a near
four-week high
    ** Stock posts its biggest intraday pct gain since Oct. 28
    ** Co denies Bloomberg report that said JPLY considered sale
of $1 billion European arm
    ** Co says its overseas business investment through JPF
Netherland B.V. "had already been transferred to Jindal Photo
Imaging Ltd (presently known as Universus Photo Imagings Ltd)"
in 2019
    ** Co denies having any business in Europe and said "news
given by Bloomberg is factually not correct" in an exchange
filing
    ** Stock set to rise for a fourth straight session
    ** More than 418,577 shares change hands by 0840 GMT, 13.3x
30-day avg of 31,391 shares
    ** Stock down 18.5% YTD up to last close
 (Reporting by Anuran Sadhu in Bengaluru)
 ((Anuran.Sadhu@thomsonreuters.com ;))