JBF Industries shoots up as its arm enters into an agreement with BP

JBF Industries is currently trading at Rs. 138.70, up by 3.25 points or 2.40% from its previous closing of Rs. 135.45 on the BSE.

The scrip opened at Rs. 134.30 and has touched a high and low of Rs. 142.00 and Rs. 134.05 respectively. So far 13,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 168.70 on 07-Jul-2011 and a 52 week low of Rs. 89.00 on 02-Jan-2012.

Last one week high and low of the scrip stood at Rs. 1142.00 and Rs. 131.00 respectively. The current market cap of the company is Rs. 998.00 crore.

The promoters holding in the company stood at 42.70% while Institutions and Non-Institutions held 26.85% and 30.45% respectively.

JBF Industries’ wholly owned subsidiary - JBF Petrochemicals, has entered into an agreement with BP for licensing BP’s latest generation Purified Terephthalic Acid (PTA) technology.

The company intends to build a 1.25 million tonnes per annum (tpa) unit at Mangalore SEZ, India, to produce PTA, the primary feedstock for polyesters used in textiles and packaging. Besides, it expects the Mangalore plant to come on stream at the end of 2014.

JBF Industries is engaged in the manufacturing of polyester chips, partially oriented yarn and polyester processed yarn/specialty yarn at its plants at Silvasa in the Union Territory of Dadra and Nagar Haveli and at Valsad (Gujarat). The company is one of the leading names in Polyester business in India.