Expansion plan bolsters Phillips Carbon Black

DALAL STREET SPIKES

Phillips Carbon Black hit a high of Rs 106.50 before closing at Rs 103.75, up by 2.06 per cent. More than 30,124 shares were traded on the BSE. The scrip went up after the company embarked on an expansion plan to meet growing demand in both domestic and export markets.

Phillips Carbon Black announced today that to meet the growing demand for carbon black within India and abroad, the company has embarked on a major expansion of its Baroda plant wherein the capacity will be enhanced by 70,000 MTPA.

Also a 12 MW power plant will be installed to utilise the process gas. Further, the company plans to sell part of the power generated from the plant. Since, power cost in Gujarat is high, the sale of power is expected to add to the bottomline.