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Uflex bags IBA certification for printing MICR instruments

Nikita Singh
/ Categories: Markets, DSIJ Mindshare
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Packaging major Uflex bagged the certification by the Indian Banks’ Association (IBA) as a security printer for printing MICR instruments for its member banks on Wednesday. 
  
MICR, Magnetic Ink Character Recognition requires special printing system with overt and covert features for bank cheques, legal tenders and various other negotiable documents. In order to standardize documents related to bank cheques and ex-chequers revenue department, security printing for MICR instruments has been mandatory. 
  
The company had posted a t otal volume growth of 13 per cent in the Q3FY18 on a yoy  basis Its p ackaging volume grew 18.5  per cent  yoy , while its  consolidated revenues grew by 12 per cent to Rs1,674  cr ore on a yearly basis. 
  
The share price of the company hit an intraday high of Rs. 302 per share and an intraday low of Rs. 296 per share on BSE on Wednesday. The stock had touched its 52-week high of Rs. 506.75 per share on December 26, 2017 and its 52-week low of Rs. 295.20 per share on May 14, 2018 on BSE, respectively. 
  
The stock ended at Rs. 297.25 per share, down by 1.64 per cent on BSE on Wednesday. Meanwhile, S&P BSE Sensex closed at 35,387.88 level, down by 0.44 per cent and NSE Nifty50 ended at 10,741.10 level, down by 0.56 per cent, respectively.    

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