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NOCIL gains on receiving nod for Phase-2 capital expenditure proposal

21 Dec 2017

NOCIL is currently trading at Rs. 182.60, up by 1.90 points or 1.05% from its previous closing of Rs. 180.70 on the BSE.

The scrip opened at Rs. 181.40 and has touched a high and low of Rs. 182.80 and Rs. 181.40 respectively. So far 3,997 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 193.00 on 23-Oct-2017 and a 52 week low of Rs. 63.00 on 27-Dec-2016.

Last one week high and low of the scrip stood at Rs. 185.00 and Rs. 168.35 respectively. The current market cap of the company is Rs. 3,014.00 crore.

The promoters holding in the company stood at 36.85%, while Institutions and Non-Institutions held 8.72% and 54.43% respectively.

NOCIL has received an approval for capital expenditure proposal of Rs 168 crore - Phase 2 for expansion of its production facilities for Rubber Chemicals (including intermediates captively consumed towards manufacture of rubber chemicals) at Dahej / Navi Mumbai. The board of directors at its meeting held on December 20, 2017  approved for the same.

The said investment is expected to maintain the asset turnover ratio of 2:1. The said capex is expected to be completed during Q1 FY 2019-20. The significant portion of capex will be financed through internal accruals.

The expansion with investment of Rs 170 crore (Phase 1) has been already announced by the company in March 17 and it is progressing well. The said expanded facilities are expected to commence commercial production latest by Q3 FY 2018-19.

NOCIL is an India-based company, which offers basic organic chemicals. The company is engaged in the business of manufacturing and trading of rubber chemicals.

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323