 "A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai (pic: Reuters)")
Shares of mid-and-small sized chemical companies have rallied by up to 20% on the BSE on back of heavy volumes.
Bhageria Industries (up 20% at Rs 433), Thirumalai Chemicals (19% at Rs 533), Chemfab Alkalis (18% at Rs 278), I G Petrochemicals (14% at Rs 191), Pondy Oxides & Chemicals (13% at Rs 159), Kiri Industries (13% at Rs 323) and AksharChem India (10% at Rs 389) were up between 10% and 20% on the BSE. At 02:27 pm, the S&P BSE Sensex was down 0.04% at 28,343 points.
The trading volumes in most of these counters more than doubled as compared to their two-week average volumes.
A strong earnings growth during the quarter ended June 2016 (Q117) have led the rally in chemical stocks. The combined net profit of 105 mid-and-small sized chemicals companies increased by 53% to Rs 1,248 crore in Q1FY17 from Rs 815 crore in the corresponding quarter of previous fiscal.
Bhageria Industries has locked in upper circuit of 20% at Rs 433, also its record high on the BSE, on back of three-fold jump in trading volumes. A combined 568,682 shares changed hands and there were pending buy orders for 27,035 shares on the BSE and NSE.
Since August 12, 2016, post Q1 results, the stock rallied 73% from Rs 251 after the company had posted 47% year on year growth in net profit at Rs 9 crore in Q1FY17. The board also approved splitting the company's equity share of Rs 10 each into two equity shares of Rs 5 each.
Besides, Bhageria Industries, Adi Finechem, AksharChem India, Bodal Chemicals, Daikafil Chemicals, I G Petrochemicals, POCL Enterprises, Pondy Oxides, Seya Industries and Thirumalai Chemicals are trading at their respective lifetime highs.
Bhageria Industries (up 20% at Rs 433), Thirumalai Chemicals (19% at Rs 533), Chemfab Alkalis (18% at Rs 278), I G Petrochemicals (14% at Rs 191), Pondy Oxides & Chemicals (13% at Rs 159), Kiri Industries (13% at Rs 323) and AksharChem India (10% at Rs 389) were up between 10% and 20% on the BSE. At 02:27 pm, the S&P BSE Sensex was down 0.04% at 28,343 points.
The trading volumes in most of these counters more than doubled as compared to their two-week average volumes.
A strong earnings growth during the quarter ended June 2016 (Q117) have led the rally in chemical stocks. The combined net profit of 105 mid-and-small sized chemicals companies increased by 53% to Rs 1,248 crore in Q1FY17 from Rs 815 crore in the corresponding quarter of previous fiscal.
Bhageria Industries has locked in upper circuit of 20% at Rs 433, also its record high on the BSE, on back of three-fold jump in trading volumes. A combined 568,682 shares changed hands and there were pending buy orders for 27,035 shares on the BSE and NSE.
Since August 12, 2016, post Q1 results, the stock rallied 73% from Rs 251 after the company had posted 47% year on year growth in net profit at Rs 9 crore in Q1FY17. The board also approved splitting the company's equity share of Rs 10 each into two equity shares of Rs 5 each.
Besides, Bhageria Industries, Adi Finechem, AksharChem India, Bodal Chemicals, Daikafil Chemicals, I G Petrochemicals, POCL Enterprises, Pondy Oxides, Seya Industries and Thirumalai Chemicals are trading at their respective lifetime highs.
| Company | Latest | Prev Close | Gain % |
| THIRUMALAI CHEM. | 539.10 | 449.25 | 20.00 |
| BHAGERIA INDUST. | 433.40 | 361.20 | 19.99 |
| CHEMFAB ALKALIS | 280.00 | 234.35 | 19.48 |
| MYSORE PETRO | 67.00 | 57.50 | 16.52 |
| POCL ENTERPRISES | 55.20 | 48.85 | 13.00 |
| I G PETROCHEMS | 189.00 | 167.45 | 12.87 |
| KIRI INDUS. | 322.80 | 286.60 | 12.63 |
| GRAUER & WEIL | 35.25 | 31.50 | 11.90 |
| PONDY OXIDES | 156.00 | 140.30 | 11.19 |
| ULTRAMARINE PIG. | 154.00 | 138.95 | 10.83 |
| SH. HARI CHEM. | 88.00 | 79.95 | 10.07 |
| DAIKAFFIL CHEM | 66.55 | 60.50 | 10.00 |
| AKSHARCHEM (I) | 389.05 | 353.70 | 9.99 |
| PANAMA PETROCHEM | 71.90 | 66.00 | 8.94 |
| ADI FINECHEM | 403.00 | 374.95 | 7.48 |
| KANORIA CHEM. | 68.00 | 63.55 | 7.00 |
| GOCL CORPN. | 283.00 | 265.45 | 6.61 |
| ASHOK ALCO-CHEM | 108.80 | 102.10 | 6.56 |
| BODAL CHEMICALS | 121.20 | 113.95 | 6.36 |
| HEMO ORGANIC | 13.75 | 12.99 | 5.85 |
