Penny stock below Rs 30 signs 90-year lease with Odisha IDCO for new packaging manufacturing unit
The stock is up by 31.4 per cent from its 52-week low of Rs 19.56 per share.
Rajshree Polypack Limited has entered into a significant 90-year lease agreement with the Odisha Industrial Infrastructure Development Corporation (IDCO). This agreement, which was previously referenced in a letter dated February 15, 2024, is a crucial step in the company's expansion strategy. The primary purpose of this long-term lease is to establish a new manufacturing unit in Odisha dedicated to the production of primary food packaging containers and other related products.
This new manufacturing facility in Odisha is expected to play a vital role in supporting Rajshree Polypack's growth plans, enabling enhanced operational efficiencies and a significant contribution to its overall business. The company has expressed confidence in this expansion and has committed to providing further updates on the developments and progress of the Odisha Unit. This strategic move underscores Rajshree Polypack's commitment to strengthening its manufacturing capabilities and market presence in the food packaging sector.
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Rajshree Polypack Ltd, established in 2011, is a leading manufacturer of plastic packaging solutions. Specialising in barrier plastic sheets, thermoformed packaging and injection moulded products, the company caters to the dairy, food and beverage industries. Their product range includes polypropylene, high barrier sheets, PET, HIPS, laminated sheets and packaging solutions for various sectors. With three manufacturing units and a capacity of 25,000 MT, Rajshree Polypack serves renowned clients like Epigamia, Nestle, Havmor, Mother Dairy, Amul, Ferrero, Britannia, Kellogg's, Cafe Coffee Day, Gowardhan, etc.
On Friday, shares of Rajshree Polypack Ltd plunged 0.70 per cent to Rs 25.70 per share from its previous closing of Rs 28.9 per share. The stock’s 52-week high is Rs 48.50 and its 52-week low is Rs 19.56. The company has a market cap of Rs 188 crore. The stock is up by 31.4 per cent from its 52-week low of Rs 19.56 per share.
Disclaimer: The article is for informational purposes only and not investment advice.