BASF India gained 1.46% to Rs 1,003 after the company said it is planning to double its capacity for polymer dispersions with a new production line at its site in Dahej, Gujarat.
BASF India on Wednesday said it had started the production of polymer dispersions in Dahej in October 2014, and currently operates one production line at the plant.
The proposed investment, will expand production capacity of dispersions for the construction, coatings, paper and adhesive markets and the enhanced production line will serve growing demand in South Asia, with operations beginning by 2021, the company said in a filing.
Through this investment, the company aims to provide a reliable supply of high-quality dispersion solutions to customers in the fast-growing Indian and South Asian markets, it added.
Shares of BASF India rose 6.13% in five trading sessions to its current market price of Rs 1,003 from its recent closing low of Rs 945.05 on Wednesday, 20 November 2019.
Meanwhile, the S&P BSE Sensex was up 117 points or 0.29% to 40,938.61.
More From This Section
The stock was trading in the range of Rs 978 to Rs 1,019.30 so far during the day.
In the past one month, shares of BASF India rose 3.63% to its current market price of Rs 1,003, underperforming the Nifty Metal index's 7.24% rise in the same period.
On the technical front, the stock's RSI (relative strength index) stood at 58.239. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock was currently trading above its 50-day moving average (DMA) placed at Rs 983.99, but it was below its 200 DMA placed at Rs 1,191.41.
BASF India's net profit soared 41.7% to Rs 13.29 crore on 23.9% rise in net sales to Rs 2,068.74 crore in Q2 September 2019 over Q2 September 2018.
BASF India is engaged in providing chemicals, plastics, performance products and crop protection products.
Powered by Capital Market - Live News