Manali Petrochemicals falls on getting notice from CPCB to stop operations of Plant 1

26 Dec 2018

Manali Petrochemicals is currently trading at Rs. 32.20, down by 0.35 points or 1.08% from its previous closing of Rs. 32.55 on the BSE.

The scrip opened at Rs. 33.00 and has touched a high and low of Rs. 33.45 and Rs. 31.80 respectively. So far 59489 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 55.75 on 11-Jun-2018 and a 52 week low of Rs. 29.75 on 09-Oct-2018.

Last one week high and low of the scrip stood at Rs. 34.40 and Rs. 31.80 respectively. The current market cap of the company is Rs. 553.84 crore.

The promoters holding in the company stood at 44.82%, while Institutions and Non-Institutions held 2.21% and 52.97% respectively.

Manali Petrochemicals has received a notice from the Central Pollution Control Board (CPCB) under Section 5 of the Environment Protection Act, 1985 seeking to stop operations of Plant 1 citing certain shortcomings. The company is addressing the issues and also has taken necessary actions for suspension/revocation of the order. Pending outcome of these actions, the operations of the Plant 1 have been stopped in compliance with the said notice. But, the operations of Plant 2 remain unaffected.

Manali Petrochemicals is a leader in the production and marketing of Propylene Oxide, Propylene Glycols and Polyols in India. The Company operates two grassroot production facilities at Manali to manufacture Propylene oxide (PO), Propylene Glycol (PG) and Polyols.

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