India's Mold-Tek Packaging up on order win from Grasim Industries

Mold-Tek Packaging

17/11/2022 08:21

** Shares of Mold-Tek Packaging Limited  MOLT.NS  rise as
much as 2.7% to 870 Indian rupees, biggest pct gain since Oct.
24
    ** Plastic packaging manufacturer receives an order to
supply packaging material from Grasim Industries  GRAS.NS , a
flagship company of Aditya Birla Group    
    ** MOLT will set up a co-located facility at Cheyyar near
Chennai, it says in an exchange filing
    ** New facility requires about 300 mln rupees ($3.68 mln) in
investment, and is expected to be operational by end of 2025 -
co adds
    ** Co also proposes to set up Food and FMCG container
manufacturing facilities in Cheyyar to capture demand 
    ** More than 41,389 shares traded, 0.8x times their 30-day
moving avg of 53,426
    ** Four of the seven analysts covering the stock have a
"buy" or higher rating, while three rate it at "hold;" median PT
is 965.00 rupees - Refinitiv data
    ** Stock up 5.16% so far this year, up to last close
($1 = 81.5250 Indian rupees)
 (Reporting by Akansha Victor in Bengaluru)
 ((Akansha.Victor@thomsonreuters.com; Mobile: +919654878265;))