Valiant Organics zooms 17%, hits record high as board to mull bonus issue

The company said it will consider bonus issue and interim dividend during its board meeting on November 13

Shares of Valiant Organics moved higher by 17 per cent to hit a record high of Rs 3,851 on the BSE on Thursday after the company said its board will consider bonus issue and interim dividend on November 13. The stock surpassed its previous high of Rs 3,750, touched on October 12, 2020.

"The meeting of the board of directors of the Company is scheduled on November 13, 2020, to consider financial results of the Company for the half year ended on September 30, 2020," Valiant Organics said in a regulatory filing today.

It added the board will also consider the proposal for issuance of bonus shares to the shareholders of the company (equity shares and optionally convertible preference shares) and to declare interim dividend for the financial year 2020-21, if any.

Valiant Organics is a chemical company with key focus on manufacturing and supplying of specialty chemicals in India and abroad. The products find applications in a number of industries such as agro-chemical, pharmaceutical, rubber, and dyes and pigment industries, and veterinary drugs manufacturing.

"We are well prepared to take advantage of the growing opportunities in specialty chemicals, as India's specialty chemicals market sets itself on the growth path for the coming years, and with a rising need for specialty chemicals in the end-use domestic markets. As we add specialty chemicals to our portfolio and continually update our product mix, we remain well positioned to capture this growth and become a leading specialty chemicals player in India, delivering sustainable stakeholder growth," Valiant Organics said in 2019-20 annual report.

With the current ongoing projects and expansion plans, revenue share from Pharmaceuticals (API) is likely to increase in the coming fiscal. The Company said it hopes to be operating at near normal levels from the second quarter of FY 2020-21. It is experiencing a gradual pick-up in demand for its products post commencement of operations.