Manali Petrochemicals rose 1.77% to Rs 22.90 at 10:55 IST on BSE after the company entered into a Memorandum of Understanding with the Government of Tamil Nadu for expansion of the polyol capacity and a power project.
The announcement was made after market hours on Friday, 11 September 2015.
Meanwhile, the BSE Sensex was up 97.83 points, or 0.38% to 25,705.98
On BSE, so far 57,250 shares were traded in the counter as against average daily volume of 6.84 lakh shares in the past one quarter.
The stock hit a high of Rs 23.40 and a low of Rs 22.80 so far during the day. The stock had hit a 52-week low of Rs 12.95 on 17 December 2014. The stock had hit a 52-week high of Rs 37.20 on 5 August 2015.
The stock had underperformed the market over the past one month till 11 September 2015, falling 27.84% compared with 8.10% fall in the Sensex. The scrip, however, outperformed the market in past one quarter, surging 52.36% as against Sensex's 2.88% decline.
The small-cap company has an equity capital of Rs 86 crore. Face value per share is Rs 5.
Manali Petrochemicals said that a Memorandum of Understanding (MoU) has been entered into with the Government of Tamil Nadu to invest upto Rs 500 crore over the next three to five years in projects for expansion of the polyol capacity and a power project with the facilitation and support from the Government.
Manali Petrochemicals' net profit jumped 114.7% to Rs 14.73 crore on 4.4% growth in total income to Rs 171.97 crore in Q1 June 2015 over Q1 June 2014.
Manali Petrochemicals is a leader in the production and marketing of propylene oxide, propylene glycols and polyols in India.
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