Share price of a company engaged in the business of developing biodegradable and high-tech products, gained nearly 4.52 percent to Rs. 488.90 on Tuesday, after a patent was granted to the company.
With a market cap of Rs. 724 crore, shares of Arrow Greentech Ltd. closed at Rs. 479.70 on February 6th, up by 2.53 percent, and opened at Rs. 465, compared to its previous close of Rs. 467.85 on BSE.
The company has delivered positive returns of more than 35.2 percent in the last six months, compared to nearly 191.27 percent of positive returns in the last one year. So far in 2024, it has given around 9.42 percent of returns.
According to the recent filings on stock exchanges, Arrow Greentech Ltd. has been granted the patent Titled: “Bio-Compostable Multi-Layered Composite and Methods of Manufacturing the Same” in the territory of India, for the term of 20 years.
The company’s invention will assist in preserving the environment, as the packaging filmic material will replace the present single-use plastic films, which are banned in many nations.
Earlier on 3rd January, the company announced receiving a grant from Indian Patent Authorities for their patent titled “Improved Water Soluble Film and method of making the same”.
The Improved Water Soluble Film has a wide range of applications in the Packaging Industry since it is safe for the environment making it a favoured eco-friendly packaging solution.
In terms of financials, the revenue from operations of Arrow Greentech decreased by 33.6 percent from Rs. 43.86 crore in Q1 FY23-24 to Rs. 29.12 crore in Q2 FY23-24, accompanied by a decrease in net profit by 45.7 percent to Rs. 5.06 crore in Q2 FY23-24 from Rs. 9.32 crore in Q1 FY23-24.
As of December 2023, the Promoters’ holdings remain unchanged at 68.60 percent, whereas, the DIIs hold 31.42 percent of equity shares in the company.
Established in 1992, the primary business of Arrow Greentech Limited includes the manufacturing of cast water-soluble film and royalty income patents.
It is a pioneer in manufacturing eco-friendly products, by a unique method using its experience in chemistry, coating and casting.
Written by Shivani Singh
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