Meghmani Organics was locked at 5% upper circuit at Rs 8.66 at 10:41 IST on BSE, with the stock extending Thursday's 5% rally triggered by the company installing and commissioning its pigment manufacturing facility at Dahej SEZ, Bharuch.
Meanwhile, the S&P BSE Sensex was up 91.42 points or 0.44% at 20,800.04.
On BSE, so far 1.68 lakh shares were traded in the counter as against average daily volume of 56,145 shares over the past one quarter.
The stock hit a low of Rs 8.45 so far during the day. The stock had hit a 52-week high of Rs 8.73 on 5 December 2013. The stock had hit a record low of Rs 3.76 on 3 July 2013.
The stock had outperformed the market over the past one month till 19 December 2013, jumping 14.74% compared with the Sensex's 0.87% fall. The scrip had also outperformed the market in past one quarter, spurting 100.73% as against Sensex's 0.3% rise.
The small-cap company has equity capital of Rs 25.43 crore. Face value per share is Re 1.
Shares of Meghmani Organics (MOL) have rallied 10.17% in two trading sessions from Rs 7.86 on 18 December 2013, after the company during trading hours on Thursday, 19 December 2013 said it has installed and commissioned its pigment manufacturing facility at Dahej SEZ, Bharuch. The stock had surged by the maximum permissible level of 5% to settle at Rs 8.25 on Thursday, 19 December 2013.
MOL said that the manufacturing facility at Dahej SEZ, Bharuch will produce CPC Blue (Crude) - 600 Mt, Beta Blue - 300 Mt and Alpha Blue - 100 Mt per month with less hazardous and econ friendly raw material.
The pigment expansion project has started commercial production from 1 December 2013. To set up the project MOL has till date spent about Rs 120 crore from its internal accruals. MOL said it plans to generate estimated revenue of Rs 200 crore and profit before tax (PBT) of Rs 20 crore from full year of operation in FY 2015. The project generated will be tax free as the project is in SEZ, the statement said.
Meghmani Organics' consolidated net profit jumped 77.4% to Rs 8.39 crore on 27.8% growth in net sales to Rs 320.79 crore in Q2 September 2013 over Q2 September 2012.
Meghmani Organics is a manufacturer of pigments and agrochemicals. It also produces a broad spectrum of commonly used pesticides for crop and non-crop applications such as public health, insect control in wood preservation and food grain storage.
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