Indo Amines hit an upper circuit limit of 20% at Rs 80.45 at 10:334 IST on BSE after the company said it received approval from United States Environmental Protection Agency to sell certain products in the US market.
The announcement was made after market hours yesterday, 2 November 2016.Meanwhile, the BSE Sensex was up 42.18 points, or 0.15%, to 27,569.40.
On BSE, so far 49,000 shares were traded in the counter, compared with average daily volume of 14,783 shares in the past one quarter. The stock was frozen at 80.45, which is also a record high for the counter. The stock hit a 52-week low of Rs 35.50 on 19 November 2015. The stock had outperformed the market over the past 30 days till 2 November 2016, rising 27.11% compared with the 2.85% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 42.66% as against Sensex's 0.68% decline.
The small-cap company has equity capital of Rs 32.92 crore. Face value per share is Rs 10.
Indo Amines has received approval from the United States Environmental Protection Agency to sell 10 products in the US market. In a disclosure to the exchanges, the company listed the 10 chemical products for which it bagged approvals.
Net profit of Indo Amines rose 28.21% to Rs 3.50 crore on 9.45% rise in net sales to Rs 66.82 crore in Q1 June 2016 over Q1 June 2015.
Indo Amines manufactures fine chemicals, speciality chemicals, performance chemicals, perfumery chemicals and active pharmaceuticals ingredients. the products manufactured find application in various industries like pharmaceuticals, agrochemicals, fertilizers, petrochemicals, road construction, pesticides, perfumery chemicals, dyes and intermediates, etc.
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