Thirumalai Chemicals rose 2.41% to Rs 643.50 at 12:51 IST on BSE, after the company reported consolidated net profit of Rs 16.39 crore in Q2 September 2016, compared with consolidated net loss of Rs 14.94 crore in Q2 September 2015.
The result was announced after market hours yesterday, 19 October 2016.Meanwhile, the S&P BSE Sensex was up 99.80 points, or 0.36%, to 28,084.17
On BSE, so far 87,000 shares were traded in the counter, compared with an average daily volume of 65,928 shares in the past one quarter. The stock hit a high of Rs 675.85 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 638 so far during the day. The stock hit a 52-week low of Rs 129 on 1 March 2016. The stock had outperformed the market over the past 30 days till 19 October 2016, rising 11.63% compared with 1.89% decline in the Sensex. The scrip also outperformed the market in past one quarter, surging 80.79% as against Sensex's 0.99% rise.
The small-cap company has an equity capital of Rs 10.24 crore. Face value per share is Rs 10.
Thirumalai Chemicals' net sales rose 10.09% to Rs 251.06 crore in Q2 September 2016 over Q2 September 2015.
Thirumalai Chemicals announced that the board of directors of the company at its meeting held yesterday, 19 October 2016 informed that the upgrading of fine chemicals and food ingredients units is nearing completion. This will add about 40% capacity by Q4 March 2017 in these divisions. The company's board of directors also approved the upgrading of its Phthalic Anhydride Plants with newer technology, to be completed by the year ending 31 March 2018 (FY 2018), Thirumalai Chemicals said. A further project to expand fine chemicals capacities by a further 40% has also been approved by the company's board of directors to be completed in FY 2018, the company said. All these projects will be funded internally, it added. The company has indicated that its wholly owned subsidiary in Malaysia, OOSB has completed its Maleic Anhydride expansion to 45,000 tons and is planning further expansions of Maleic Anhydride Unit. OOSB will also build a food ingredients and fine chemicals plant based on Thirumalai Chemicals India's technology.
Thirumalai Chemicals started production of Phthalic Anhydride in 1976 in Ranipet, in South India. Since then, it has grown into a diverse and respected enterprise, rapidly expanding into the manufacture of many other critical Industrial Chemicals: Maleic Anhydride, Fumaric Acid and Malic Acid and various Fine Chemicals and Derivatives.
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