Shares of Premier Polyfilm, a microcap company specializing in specialty films and sheets, surged 20% to hit the upper circuit for the second consecutive day on October 15, marking a record high. The stock has seen a scorching rally, climbing nearly 58% over the past five trading sessions, driven by strong quarterly earnings and business expansion plans.
By 3:00 pm, trading volume for Premier Polyfilm had exceeded 56 lakh shares, significantly higher than its 20-day average volume of just 50,000 shares, according to market data. Year-to-date, the stock has gained 122%, on track for its fifth consecutive year of positive returns.
The company recently announced a net profit of Rs 7.42 crore for the September quarter, up 44 percent year-on-year. Its revenue increased 3 percent to Rs 78.73 crore in the quarter. Besides, Premier Polyfilm also approved buying of industrial land in Tamil Nadu towards future expansion; further details of which would be announced later. A new production unit was set up by the company at Bulandshahar District in Uttar Pradesh during August for the manufacture of artificial PVC leather, PVC sheets and films, and knitted fabrics.
With a substantive presence in the vinyl flooring and sheeting market, Premier Polyfilm estimates the sector to enjoy an over 10% growth annually. The company has fixed November 5 as the record date for a stock split, according to an exchange filing. In October 2023, too, the stock saw a similar sharp spurt, surging 66% in price, which was queried by the stock exchange as an unusual price movement. The management had replied by asking for an investigation into the abnormal surge in the share price.
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Source: Moneycontrol
News Desk
