Manali Petrochemicals surges on acquiring Notedome of UK for Rs 120 crore

Manali Petrochemicals is currently trading at Rs. 41.40, up by 3.65 points or 9.67 % from its previous closing of Rs. 37.75 on the BSE.

The scrip opened at Rs. 38.55 and has touched a high and low of Rs. 41.90 and Rs. 38.50 respectively. So far 7,18,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 41.90 on 04-Oct-2016 and a 52 week low of Rs. 21.10 on 12-Feb-2016.

Last one week high and low of the scrip stood at Rs. 41.90 and Rs. 30.55 respectively. The current market cap of the company is Rs. 713.80 crore.

The promoters holding in the company stood at 44.82%, while Institutions and Non-Institutions held 1.57% and 53.62% respectively.

Manali Petrochemicals has concluded the acquisition of Notedome of the UK, a manufacturer of Neuthane Polyurethane Cast Elastomers for Rs 120 crore. The acquisition was done through its UK Subsidiary, AMCHEM Speciality Chemicals and was funded through internal resources and international banks.

Notedome, established in 1979, is a System House with more than 30 years experience, manufacturing Neuthane Polyurethane Cast Elastomers catering to customers across 45 countries. Neuthane polyurethanes are used in diverse range of industries and applications, in the automotive sector for anti-roll bar, suspension and shock bushes for buses, trucks and other high performance vehicles, limit or bump stops, material handling etc. and in the agriculture sector for Rollers, Harvester components and idler wheels on track laying tractors.

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.