Vipul Organics surged 16.55% to Rs 219 after the company announced the receipt of environmental clearance for proposed expansion from 10 metric tones per month (MT/M) to 508 MT/M at its Ambernath facility.
The clearance is for expanding the production synthetic organic pigments and dyestuffs, pigment dispersion, naphthols, fast salts and vat dyes manufacturing at the companys existing Ambernath facility.
In the first phase the company intends to expand its capacity to 250 MT/M. The cost of this expansion will be through a mix of internal accruals and external borrowings. The company has already raised Rs 5 crore from the promoters through issue of warrants.
Vipul P Shah, managing director, Vipul Organics, said: "We are firmly committed to becoming the preferred provider of colourant to all segments of the industry. Our increased capacity at Ambernath is a testimony to the seriousness of our endeavours. With the expansion, the facility will become the single largest pigment producer in the country.
Vipul Organics is a specialty chemicals company in the pigments and dyes segment. The company provides total colouring solutions to paint, printing ink, plastics and masterbatches, textiles, rubber & latex, agriculture, leather, dietary supplements and pharmaceuticals, food beverages and confectionaries industries.
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