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Oriental Carbon surges on plan to resume operations at its SEZ Unit at Mundra

28 Jan 2014 Evaluate

Oriental Carbon & Chemicals is currently trading at Rs. 109.10, up by 7.05 points or 6.91% from its previous closing of Rs. 102.05 on the BSE.

The scrip opened at Rs. 107.50 and has touched a high and low of Rs. 110.00 and Rs. 107.00 respectively. So far 1111 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 138.00 on 26-Dec-2013 and a 52 week low of Rs. 75.05 on 19-Aug-2013.

Last one week high and low of the scrip stood at Rs. 110.00 and Rs. 97.15 respectively. The current market cap of the company is Rs. 111.45 crore.

The promoters holding in the company stood at 56.38% while Institutions and Non-Institutions held 7.61% and 36.01% respectively.

Oriental Carbon & Chemicals is planning to resume operations at its SEZ Unit located at Mundra with immediate effect. The Supreme Court of India has stayed the Gujarat High Court order pronounced on January 13, 2014 on Adani Ports and Special Economic Zone (APSEZ), located in Mundra, Kutch district to the extent it relates to the operations of existing units and allowed the existing units to continue its normal operations.

The company had earlier suspended its operations after the Gujarat High Court (HC) pronounced an order on January 13, 2014 in a PIL against APSEZ and all manufacturing units therein - where the company has its SEZ Unit - to temporarily stop operations till the APSEZ receives environmental clearance from the Ministry of Environment & Forest (MoEF).

Oriental Carbon & Chemicals produces wide range of insoluble sulfur grades (Including Pre-dispersed & Master batches), which are being widely exported to leading tyre companies around the world.

 

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