Jindal Poly Films gets NCLT nod for amalgamation

India Infoline News Service | Mumbai | July 14, 2017 10:20 IST

Jindal Poly Films announced that the National Company Law Tribunal, Mumbai Bench has sanctioned the scheme of amalgamation between Global Nonwovens and Jindal Poly Films.

Jindal Poly Films announced that the National Company Law Tribunal, Mumbai Bench has sanctioned the scheme of amalgamation between Global Nonwovens and Jindal Poly Films.

The scheme has already been sanctioned by NCLT, Allahabad Bench on April 7, 2017, the company said in its regulatory filing.

Shares of the company have given a negative return of 9% in a period of one year and underperformed the BSE Small Cap and Nifty Commodities' indices over the same time period.

Jindal Poly Films is a producer of polyester and bi-axially oriented polypropylene (BOPP) films (plain, metallised and coated), which are mainly used in the flexible packaging industry. Its segments include plastic films, photographic products and non-woven fabrics.

Stock view:

Jindal Poly Films Ltd is currently trading at Rs 388, up by Rs 1 or 0.26% from its previous closing of Rs 387 on the BSE.

The scrip opened at Rs 387 and has touched a high and low of Rs 391 and Rs 387 respectively. So far 18794(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 1694.53 crore.

The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 476.1 on 17-Mar-2017 and a 52 week low of Rs 300 on 27-Dec-2016. Last one week high and low of the scrip stood at Rs 403.5 and Rs 385 respectively.

The promoters holding in the company stood at 74.55 % while Institutions and Non-Institutions held 5.09 % and 20.37 % respectively.

The stock is currently trading below its 50 DMA.


***Note: This is a NSE Chart

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