Manali Petrochemicals gains on plan to set up storage, handling facility

22 Dec 2011

Manali Petrochemicals is currently trading at Rs 8.47, up by 0.05 points or 0.59% from its previous closing of Rs 8.42 on the BSE.

The scrip opened at Rs 8.50 and has touched a high and low of Rs 8.69 and Rs 8.40 respectively. So far 9839 shares were traded on the counter.

The BSE group 'B' stock of face value Rs 5 has touched a 52 week high of Rs 16.35 on 04-Jan-2011 and a 52 week low of Rs 8.15 on 19-Dec-2011.

Last one week high and low of the scrip stood at Rs 9.35 and Rs 8.15 respectively. The current market cap of the company is Rs 144.82 crore.

The promoters holding in the company stood at 44.81% while Institutions and Non-Institutions held 1.47% and 53.72% respectively. 

Manali Petrochemicals has entered into an agreement to set up storage and handling facility at Ennore Port, Chennai for bulk import of propylene oxide, a major input for the derivative plants of the company.

The aforesaid facility is expected to be ready in about a year. It will help the company to achieve and sustain capacity utilization of the derivative plants at optimum levels.

Manali Petrochemicals is a leader in the production and marketing of propylene glycol and polyols in India. It operates two grass route production facilities at Manali near Chennai to manufacturer Propylene oxide (PO), Propylele Glycol (PG) and polyol.

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