IFL Enterprises shares jump 7% after order win, signing MoU with Aussie entity
IFL Enterprises has also signed a memorandum of understanding (MoU) with Charter Paper Pty Ltd, an Australian family-owned company specializing in paper products.
- Oct 10, 2023,
- Updated Oct 10, 2023 3:40 PM IST
Shares of IFL Enterprises Ltd surged on Tuesday after the company bagged some fresh orders and signalled more order wins in the coming weeks through an exchange filing. The company also hinted towards investments coming in, the filing suggested. IFL Enterprises has bagged an order worth Rs 72.98 crore from a renowned international client, which is likely to improve the topline of the company, it said in the exchange filing. "The company anticipates more business opportunities in the coming months. IFL has secured commitments for orders worth about 115 million Australian dollars amounting to Rs 609.62 crore. over the next 18 months," it said. The company has also signed a memorandum of understanding (MoU) with Charter Paper Pty Ltd, an Australian family-owned company specializing in paper products. This strategic collaboration will enable IFL to expand its product portfolio and supply high-quality paper products to meet the growing demand in Australia and other nearby countries. The MoU also includes provisions for mutual investments to support our upcoming operations. As per the MoU, Charter Paper is also willing to invest 10 million Australian dollar, about Rs 53 crore, in IFL Enterprises for the fronting of upcoming operations if required, it added further. Shares of IFL Enterprises surged about 7 per cent to Rs 15.50 on Tuesday, compared to its close at Rs 14.53 on Monday. The stock has delivered a return of more than 110 per cent from its 52-week low, while it is marginally up on the year-to-date basis. Shares of IFL Enterprises were listed at Dalal Street in March 2017. The company has announced two bonus issues in 1:1 and 1:4 ratio and a stock split in 1:10 ratio so far. On an adjusted basis the stock has delivered more than 2,000 per cent returns to the investors. IFL Enterprises, incorporated in 2009, is a subsidiary of India Finsec, which offers a diverse product range which includes all kinds of paper related items like writing paper, coated paper, A/4 paper, hi-bright, copier paper, duplex board, art and craft paper, notebooks, among others.
Also read: Nykaa, Maruti Suzuki, RIL: Insurance majors upped stake in these 12 firms ahead of Q2 results season
Shares of IFL Enterprises Ltd surged on Tuesday after the company bagged some fresh orders and signalled more order wins in the coming weeks through an exchange filing. The company also hinted towards investments coming in, the filing suggested. IFL Enterprises has bagged an order worth Rs 72.98 crore from a renowned international client, which is likely to improve the topline of the company, it said in the exchange filing. "The company anticipates more business opportunities in the coming months. IFL has secured commitments for orders worth about 115 million Australian dollars amounting to Rs 609.62 crore. over the next 18 months," it said. The company has also signed a memorandum of understanding (MoU) with Charter Paper Pty Ltd, an Australian family-owned company specializing in paper products. This strategic collaboration will enable IFL to expand its product portfolio and supply high-quality paper products to meet the growing demand in Australia and other nearby countries. The MoU also includes provisions for mutual investments to support our upcoming operations. As per the MoU, Charter Paper is also willing to invest 10 million Australian dollar, about Rs 53 crore, in IFL Enterprises for the fronting of upcoming operations if required, it added further. Shares of IFL Enterprises surged about 7 per cent to Rs 15.50 on Tuesday, compared to its close at Rs 14.53 on Monday. The stock has delivered a return of more than 110 per cent from its 52-week low, while it is marginally up on the year-to-date basis. Shares of IFL Enterprises were listed at Dalal Street in March 2017. The company has announced two bonus issues in 1:1 and 1:4 ratio and a stock split in 1:10 ratio so far. On an adjusted basis the stock has delivered more than 2,000 per cent returns to the investors. IFL Enterprises, incorporated in 2009, is a subsidiary of India Finsec, which offers a diverse product range which includes all kinds of paper related items like writing paper, coated paper, A/4 paper, hi-bright, copier paper, duplex board, art and craft paper, notebooks, among others.
Also read: Nykaa, Maruti Suzuki, RIL: Insurance majors upped stake in these 12 firms ahead of Q2 results season