Huhtamaki India share price was at yearly highs in today’s session as the stock jumped nearly 11 percent intraday. Huhtamaki India stock opened the session at Rs 305 and shortly touched Rs 323.65, registering 52-week high. The stock was currently trading Rs 316, up by almost 11 percent. Today’s price action marks the biggest single-day gain for the stock in nearly one year.

The company board has given approval for closure of labels manufacturing sites at Sikkim, Daman and Hyderabad. In order to optimize costs and improve efficiency, the company will move production to other facilities.

This year, the stock has gained nearly 50 percent in value. The stock has gained almost 100 percent from its 52-week low of Rs 181. The stock has been gaining over the last six trading sessions.

The company reported a net profit of Rs 32.27 crore for the September quarter, compared to Rs 40 lakh compared to the same quarter last year. The overall revenue during the quarter was 13 percent lower but margins were strong.

The company in packaging sector has witnessed strong demand for some of its products. ICICI Securities had initiated a BUY Call for the stock with target price of Rs 280 and it has already achieved the targets.