IFL Enterprises shares rise 17% to hit new 52-high as co bags fresh orders

Shares of IFL Enterprises Ltd surged more than 17 per cent during the early trading session on Monday to hit its new 52-week high as the trading and distribution player received an order worth Rs 192 crore. The company informed about the same through an exchange filing on Friday. IFL Enterprises has bagged export orders cumulatively amounting to Rs 192 crore from Siddhesh Global Limited, a prominent client in the paper industry, the company said in the exchange filing. The company will supply multiple categories of order in various quantities, it said. Following the update, shares of IFL Enterprises surged more than 17 per cent to Rs 16.90 on Monday, hitting its new 52-week high, commanding a total market capitalization of about Rs 385 crore. The scrip had settled at Rs 14.42 in the last previous trading session on Friday. The order is likely to boost up the revenue and the profit margins of IFL Enterprises. The company has been exporting to south Asian and south African countries since the past three years. IFL Enterprises has steadily evolved, diversifying its product offerings beyond paper, displaying its adaptability. Shares of IFL Enterprises were listed at the bourses in March 2017. Since then, the company has announced two bonus issues in 1:1 and 1:4 ratio and a stock split in 1:10 ratio. On an adjusted basis the stock has delivered about 2,500 per cent returns to the investors. Incorporated in 2009, IFL Enterprises 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, and more.