GM Polyplast Board Approves Migration to BSE & NSE Main Board Platforms

GM Polyplast is preparing to raise funds up to Rs 50 crore through a follow-on public offer i.e. FPO. The company, which manufactures HIPS, ABS, PET, PP, HDPE sheets and premium quality granules, said that the proposal has received the approval of the board and is pending approval of the members. Apart from this, the board has also approved the migration from BSE SME to the mainboard of the Bombay Stock Exchange and National Stock Exchange.

The company's shares saw a rise of 0.87 per cent today and the stock closed at Rs 202 on BSE. The company has a market cap of Rs 275 crore. Its 52-week high is Rs. 215.50 and its 52-week low is Rs. 106.

In the last month, GM Polyplast's shares have seen a rise of about 12 per cent. In the last 6 months, the stock has given a return of about 20 per cent. In the last one year, its investors have got a strong return of 73 per cent. Not only this, in the last three years, the stock has given a bumper profit of 740 per cent.

The company is continuously reducing its debt and now it has only a nominal outstanding amount. Promoters hold the highest stake of 73.54 per cent in the company. Apart from this, Fils holds 0.42 percent shares and the public holds 26.04 percent of the shares.

Recently, the company has recorded a revenue of Rs 92.02 crore in FY24. This is 18.67 per cent more than the revenue of Rs 82.26 crore in FY23. At the same time, the company's revenue in FY22 was Rs 73.87 crore. Talking about net profit, it also saw a steady increase. The company's profit was Rs 4.19 crore in FY22, which increased to Rs 4.92 crore in FY23 and Rs 7.09 crore in FY24.

GM Polyplast Ltd is an India based company that manufactures and supplies plastic sheets and granules started its operations back in 2003. The company mainly manufactures High Impact Polystyrene Sheets (HIPS), Acrylonitrile Butadiene Styrene (ABS), Polypropylene (PP), High Density Polyethylene (HDPE). Its products include sheets and granules. Sheets include HIPS sheets, ABS sheets, Polyethylene Terephthalate (PET) sheets, PP sheets, HDPE sheets and Electrostatic Discharge Material (ESD) materials. Granules include HIPS granules, ABS granules, PP granules and HDPE granules.

HIPS sheets are used in kitchen utensils, containers, vacuum forming, bathroom cabinets and containers. ABS sheets are used in screen printing, automobile interiors, aircraft interiors. PET sheets are used in cooling tower fills, food packaging, box making and films for offset printing. HDPE sheets are used in luggage snifters and folding furniture.