During Friday’s trading session, the shares of a company engaged in manufacturing adhesive tapes surged 10.6 percent to Rs. 119 on BSE, after the company received an order worth nearly Rs. 80.7 lakhs from Steel Authority of India Limited.
With a market capitalisation of Rs. 163.6 crores, at 01:19 p.m., the shares of Srivasavi Adhesive Tapes Limited were trading in the green at Rs. 115.5, up by nearly 7.4 percent, as against its previous closing price of Rs. 107.55.
What’s the News:
Srivasavi Adhesive Tapes Limited secured an order for the supply of surface protection film—Laser PE/LDPE—suitable for CO2 and fibre laser cutting, with delivery scheduled within the period of 36 weeks.
According to the latest regulatory filings with the NSE, the order is valued at nearly Rs. 80.7 lakhs and comes from the Steel Authority of India Limited (SAIL).
Previous News:
On 15th May, Srivasavi Adhesive Tapes Limited executed a Letter of Intent with S J Korea Co. Ltd to collaborate and synergize to enter into a Joint Venture Agreement (JVA) in a common field of interests and businesses, both in India and in the global market.
Additionally, Srivasavi Adhesive Tapes Limited plans to promote its products in sectors such as railways, metro systems, high-speed trains, electric vehicles (EVs), and businesses including aviation, shipbuilding and other industries.
Given that India is a growing market for these products and in line with the Make in India program, a new Joint Venture Company will be established in India through mutual agreement, with the products being manufactured by this JV company.
Further, SJ Korea will promote products such as specialty tapes, adhesives, die-cuts, and aluminium extrusions among their customers, with support from Srivasavi Adhesive Tapes Limited.
Financials:
The company reported a significant growth in the revenue from operations, experiencing a year-on-year rise of nearly 30.6 percent, increasing from Rs. 59.2 crores in FY23 to Rs. 77.33 crores in FY24.
Similarly, during the same period, the company’s net profit increased from Rs. 3.6 crores to Rs. 5.2 crores, representing a growth of around 44.4 percent YoY.
About the Company:
Incorporated in 2010, Srivasavi Adhesive Tapes Limited is engaged in the manufacturing of industrial speciality adhesive tapes, foams, films, fabrics and die cuts, serving both domestic and international markets.
Written by Shivani Singh
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