Fiberweb (India) spurts up almost 9%

Fiberweb (India) makes garbage bags, carrier bags and has the first-of-its-kind unit for spun bond nonwoven fabrics.

The company announced today morning that it will soon to exporting its products to US retail giant, Wal-Mart.

Fiberweb said that in October 2016, the company's customers from USA had visited the firm's production facilities at Daman and they were satisfied with the international standard of production facility, stringent quality control parameters and machineries as well as ambience. They confirmed the company's facilities are as per approved FDA Standard.

Fiberweb stated that it is supplying some products to the US-based company which supplied to Lowe's Company for Wal-Mart Departmental Stores in USA. With a view to give larger order and make Fiberweb accredited supplier, Lowe's had send special auditors for surprise audit of Fiberweb (India). The auditors were very pleased on all the major points of audit and have given favorable report. They have advised Fiberweb to also ensure that security contractor and other supplier to the company must be insisted to follow international standard and follow all government rules.

The company says, “all the above facts have now opened a floodgate of orders for converted products to the prestigious customer like Wal-Mart and will have sufficient orders once it expands its capacity as planned.”

The stock price zoomed up almost 9% to Rs.308 with an over two times surge in volumes. Its 52-week high is at Rs.332.40.