Ester Industries stock surges over 5% after inking pact with Loop Industries

Ester Industries stock surged over 5 per cent after the company signed an agreement with Loop Industries Inc to form a joint venture to set up a polymer manufacturing facility in India.

Ester Industries stock surged over 5 per cent after the company signed an agreement with Loop Industries Inc to form a joint venture to set up a polymer manufacturing facility in India.

Shares were up 5.34 per cent to trade at ₹126.30 as of 1.23 pm on Thursday.

According to the company’s statement, the joint venture is to build and operate an Infinite Loop India manufacturing facility which will produce product offering of lower carbon footprint recycled dimethyl terephthalate (rDMT), recycled mono-ethylene glycol (rMEG) and specialty polymers, using the Infinite Loop technology.

Arvind Singhania, Chairman and CEO of Ester Industries, said, “This partnership reinforces our dedication to advancing sustainable solutions in the polymer industry, and by leveraging Loop’s technology alongside our decades of polymer production experience, we will contribute to reducing the carbon footprint of our products, meeting the evolving needs of our customers.”

Loop’s Founder and CEO Daniel Solomita, said, “Our partnership with Ester reflects a strategic alignment built on our shared values of sustainability and innovation and combines both companies’ areas of expertise.”

Like (0)
Previous May 3, 2024 2:15 pm
Next May 3, 2024 2:15 pm

Related posts

  • Shenzhen SEG (000058.SZ): Net profit in the first quarter was 24.8677 million yuan, a year-on-year decrease of 24.43%

    Gelonghui April 25 | Shenzhen SEG (000058.SZ) announced the first quarter report of 2024. The operating income during the reporting period was 414 million yuan, a year-on-year decrease of 6.99%; the net profit attributable to shareholders of the listed company was 24.8677 million yuan, a year-on-year decrease. 24.43%; net profit excluding non-recurring gains and losses attributable to shareholders of listed companies was 24.6488 million yuan, a year-on-year decrease of 18.16%; basic earnings per share was 0.0202 yuan.

    stock index April 25, 2024
  • Markets set to open lower; Kotak Mahindra Bank in focus

    The benchmark indexes are set to open marginally lower on Thursday, after gaining for four sessions in a row, with focus on Kotak Mahindra Bank after the Reserve Bank of India barred the lender from taking on new clients digitally.

    stock index April 25, 2024
  • Baihua Pharmaceutical (600721.SH): Net profit in the first quarter was 20.6635 million yuan, a year-on-year increase of 209.02%

    Gelonghui On April 25, Baihua Pharmaceutical (600721.SH) announced its first quarter report for 2024. During the reporting period, it achieved operating income of 90.8764 million yuan, a year-on-year increase of 20.03%. The net profit attributable to shareholders of the listed company was 20.6635 million yuan, a year-on-year increase of 209.02%. The net profit after deducting non-recurring gains and losses attributable to shareholders of listed companies was 20.1866 million yuan, a year-on-year increase of 224.24%. Basic earnings per share is 0.0541 yuan/share.

    stock index April 25, 2024
  • China is expected to replace the United States as the world’s largest personal luxury goods market by 2030

    PricewaterhouseCoopers released the “Report on the Luxury Goods Market in Mainland China and Hong Kong”, predicting that by 2030, China will replace the United States as the world’s largest personal luxury goods market with a market size of US$148 billion. PwC pointed out that China’s personal luxury goods market will be driven by large-scale intergenerational transfer of wealth, continued development of new consumer groups, vigorous development of experiential consumption and luxury lifestyle, high growth potential in Hainan, and further integration of online services with online services. Further expansion will be driven by factors such as channel improvement and other factors. In the next 30 years, China will have 92 trillion yuan of wealth passed down to the second generation of high-net-worth individuals. In terms of the Hong Kong market, PwC predicts that the Hong Kong personal luxury goods market will grow at an average compound annual growth rate of 4.5% from 2023 to 2030, reaching HK$125.8 billion in 2030. Among them, the three major categories of luxury accessories with the largest growth are leather products, Jewelry and watches. Zheng Huanran,…

    stock index April 15, 2024
  • Neway CNC (688697.SH): Net profit in the first quarter was 69.5514 million yuan, a year-on-year decrease of 3.03%

    Gelonghui April 25 | Neway CNC (688697.SH) announced the first quarter report of 2024. During the reporting period, it achieved operating income of 549 million yuan, a year-on-year increase of 3.96%. The net profit attributable to shareholders of listed companies was 69.5514 million yuan, a year-on-year decrease of 3.03%. The net profit after deducting non-recurring gains and losses attributable to shareholders of listed companies was 59.9016 million yuan, a year-on-year decrease of 10.10%. Basic earnings per share is 0.2129 yuan/share.

    stock index April 25, 2024
  • Boeing CEO faces U.S. Senate inquiry as successor search accelerates

    Boeing has been plunged into crisis by a near-catastrophic accident involving a 737 Max 9 aircraft, and CEO Dave Calhoun has been keeping an increasingly low profile in recent months.

    stock index 5 days ago