Upper circuit stock: PG Electroplast jumps post announcing capacity expansion plans

Ganesh V
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Upper circuit stock: PG Electroplast jumps post announcing capacity expansion plans

PG Electroplast Limited (PGEL), announced on Tuesday after the market hours that it has enabled resolutions to raise Rs 76.6 crore from investors.

Baring Private Equity India AIF, Ananta Capital and the Patni family office are participating via preferential allotment of equity shares of Rs 40.30 crore as well as compulsorily convertible debentures (CCD) of Rs 36.30 crore in the company.  

With the help of this funding, the company plans to expand its plant situated in Pune, which produces air-conditioners & cooler businesses and establish a new plant in Greater Noida to produce air coolers, mobile phone parts, and other plastic components.   

Reacting to this, the company’s stock today increased by 4.99 per cent and made an intraday high of Rs 412.20 per share. The stock of the company has increased by 1140 per cent from its decline in May 2020.  

The company reported a net profit of Rs 6.50 crore in Q3FY21. In Q3FY20, it had reported a net profit of Rs 0.61 crore, which is an increase of 961.6 per cent. The company reported net sales of Rs 183.97 crore for Q3FY21, an increase of 31.38 per cent, as against the net sales of Rs 140.03 crore for Q3FY20. 

PG Electroplast is engaged in electronic manufacturing services and plastic moulding for leading consumer durable & automotive plastic companies in India.   

According to BSE data, the stock traded at a price-to-book ratio of 4.51. The stock has a 52-week high and a 52-week low of Rs 501 and Rs 31.95, respectively.  

At 11.25 am today, the share of the company was trading at Rs 412.20 per share on BSE, up by 4.99 per cent.

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