homemarket Newsstocks NewsCosmo First shares gain most in five months on proposal to consider share buyback

Cosmo First shares gain most in five months on proposal to consider share buyback

Cosmo First shares gain most in five months on proposal to consider share buyback
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By CNBCTV18.com Nov 28, 2022 11:39:27 AM IST (Published)

The company informed the exchanges earlier this month that its margins were under pressure in the overseas subsidiaries due to an increase in raw material costs and the weakening of foreign currencies against the US dollar, particularly in Japan and Korea.

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Shares of BOPP films maker Cosmo First surged over 7 percent on Monday after the company announced its board will meet on December 1 to consider a proposal for the buyback of equity shares.

Cosmo Films is the world’s largest producer of thermal lamination films, the second-largest player in specialty label films, and the world’s largest supplier of Industrial Application Films.

The company informed the exchanges earlier this month that its margins were under pressure in the overseas subsidiaries due to an increase in raw material costs and the weakening of foreign currencies against the US dollar, particularly in Japan and Korea.

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