AGI Greenpac Share Price Jumps Over 8% As Q1 Net Profit Increases

AGI Greenpac Ltd.'s share price rose to the highest level in nearly six months as the company reported an increase in the net profit for April–June. Its consolidated net profit advanced 6% on the year to Rs 89 crore.

AGI Greenpac's topline advanced 22% to Rs 688 crore during the first quarter. Its operating profit increased 4% on an annualised basis to Rs 142 crore. Its margin fell 339 basis points to -1.20% in the first quarter of current financial year.

However, sequentially, AGI Greenpac reported a decline in its net profit. Its consolidated net profit fell 7.1% to Rs 88.9 crore from Rs 95.6 crore reported in the previous quarter.

AGI Greenpac share price advanced 8.27% to Rs 916.75 apiece, the highest level since Jan 29. It pared most gains to trade 2.03% higher at Rs 864 as of 9:47 a.m., as compared to 0.14% advance in the NSE Nifty 50 index.

The stock rose 7.18% in 12 months, and declined 23.45% on year-to-date basis. Total traded volume so far in the day stood at 22 times its 30-day average. The relative strength index was at 58.52.

One analyst tracking the company maintains a 'buy' rating, according to Bloomberg data. The price target implies an upside of 59.4%.