Filatex India jumps 7% on receiving patent for recycling PET waste

Shares of rallied over 7 per cent in Wednesday's trade after the company received a patent for recycling polyethylene terephthalate (PET) waste for 20 years with effect from June 2, 2021.

The company received a certificate from the patent office of the government of India.

At 10.01 am, the scrip was trading 5.75 per cent higher at Rs 112.15 over the last day’s closing of Rs 106.05 a piece. The stock has surged nearly 180 per cent in the last three years, while it has added 4 per cent in the last one year.

For the quarter ended June 30 2022, the company reported a standalone revenue of Rs 1,023.29 crore, up 46.41 per cent from the year-ago quarter's net sales of Rs 698.91 crore. The company reported a net profit of Rs 43.39 crore for the latest quarter.

As per Trendlyne data, the highest target for Filatex India goes up to Rs 168, suggesting an upside potential of around 58.6 per cent from the current prices.

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