Plastics Sector Stock Gains 1.78% Intraday On Inauguration Of Manufacturing Plants

Mold-Tek Packaging Limited (MTPL) inaugurated 3 manufacturing plants at Panipat (Haryana), Cheyyar (Tamilnadu ) and Sultanpur (Telangana) with a total investment over Rs 100 crores with capacity expansion of 5,500 MTA.
The company has also acquired land at Mahad, Maharashtra to set up another manufacturing plant for pail supplies to M/s Grasim Inds with a production capacity of 1,500 MTA with an investment of Rs. 20 crores by September/October, 2024.

According to the NSE filing of the company dated Jan 5, "With reference to the captioned subject, we are glad to inform you that the Pharma Division at the Company's existing unit situated at Sultanpur, Telangana, India, will be inaugurated on Saturday, the 6th day of January, 2024, at 02:10 p.m. (IST) in the august presence of Mr. J. Lakshmana Rao, Chairman and Managing Director and other esteemed Directors and Officials of the Company."

As per the regulatory filing of the company dated Jan 5, "With reference to the captioned subject, we are pleased to inform you that the Company's new unit situated at Cheyyar, Tamil Nadu, India, will be inaugurated on Saturday, the 6 th day of January, 2024, at 02:10 p.m. (IST) in the presence esteemed Director(s) and Official(s) of the Company."

Panipat, Cheyyar and Mahad plants will serve to Grasim Industries, a Aditya Birla Group company, under agreement of co-located facility and company also setting up for Food & FMCG and Square Packs at Panipat and square packs manufacturing at Cheyyar, as per reports.

All these units will go into commercial production within next few weeks and with all these 4 expansions Moldtek's total manufacturing capacity will go upto 54,000 MTA by end of FY 24-25, added the report.

Mold-Tek Packaging Stock Performance: Current market price of Mold-Tek Packaging Ltd share on NSE is Rs 890.20 per share with intraday gain of 1.62%. The 52-week high price of Mold-Tek Packaging share on BSE is Rs 1110.00 per share and 52-week low price is Rs 844.80 per share, respectively. The company has a market capitalisation of Rs 2,969.41 crore. In last 1-year, Mold-Tek Packaging shares declined 9.9% and surged 180% in last 3-years.

Mold-Tek Packaging About: Established in 1986, Mold-Tek Packaging Limited (MTPL) is the leader in rigid plastic packaging in India. Mold-Tek Packaging Limited is involved in the manufacturing of injection molded containers for lubes, paints, food and other products. MTPL has ten processing plants and two stock points spread across India to ensure faster supplies. It has a huge injection molding capacity of around 50000 TPA. As a pioneer and innovator of pail packaging in India - Mold-Tek has introduced spouts and In-Mold spout concepts for the paint and lube pails, according to its official website.

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