Essel's shares are soaring. Know why

Shares of Essel Propack Ltd rose 3.4 percent after the company said it would sell a wholly-owned unit to focus only on its core business of laminated tubes.

Essel Propack gained 4.8 rupees at 146 in afternoon trade on the National Stock Exchange. Nearly 608,000 shares changed hands on the NSE compared with a 5-day average of 50,000.

Essel informed the exchanges it had sold Packaging India Pvt Ltd for an enterprise value of `165 crore rupees to Amcor Flexibles. The sale also includes debt on the books of Packaging India. It was an all cash transaction.

Essel is the world leader in plastic tubes and has nearly every major pharma and FMCG company as its client.

(Image credit: Indiatimes)