AGI Greenpac shares surged virtually 15% on Tuesday after the glass container maker introduced a 41% year-on-year enhance in standalone web revenue for the June quarter to ₹89 crore and deliberate to enter the aluminium-can section.
For the foray, it intends to arrange a producing plant in Uttar Pradesh with an funding of ₹1,000 crore. “This new venture offers strong synergies with our existing glass packaging business. Both categories serve the alcohol and F&B industries, allowing for leveraging existing customer relationships, distribution networks and supply chain efficiencies,” CMD Sandip Somany stated in a launch on Monday.
The web revenue got here on a 25% enhance in whole earnings to ₹721 crore (₹577 crore). The firm stated one of many elements contributing to the profitability was profitable improve of the product combine, now together with premium, higher-margin segments equivalent to cosmetics, perfumery and alcohol.
On the proposed plant, the corporate stated the funding will likely be made in two phases and the power is predicted to be operational by Q3 FY28. It can have an preliminary annual manufacturing capability of 950 million aluminium cans, which will likely be expanded to 1.6 billion aluminium cans by FY 2030.
The firm’s shares on Tuesday closed 14.76% greater at Rs.972.85 apiece on the BSE.
In March AGI stated it should arrange greenfield plant in Madhya Pradesh with ₹700 crore to spice up glass manufacturing capabilities and enhance each day capability from 2,100 tonne to 2,600 tonne. It is predicted to be operational by March 2027.
