Meghmani Organics soars as its arm decides to set up project of Epichlorohydrin
Meghmani Organics is currently trading at Rs. 55.00, up by 3.60 points or 7.00% from its previous closing of Rs. 51.40 on the BSE.
The scrip opened at Rs. 52.50 and has touched a high and low of Rs. 55.60 and Rs. 48.00 respectively. So far 250625 shares were traded on the counter.
The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 91.00 on 17-Sep-2018 and a 52 week low of Rs. 40.60 on 23-Aug-2019.
Last one week high and low of the scrip stood at Rs. 56.00 and Rs. 43.10 respectively. The current market cap of the company is Rs. 1392.37 crore.
The promoters holding in the company stood at 50.76%, while Institutions and Non-Institutions held 2.96% and 46.27% respectively.
Meghmani Organics’ material subsidiary – Meghmani Finechem has decided to foray into project of Epichlorohydrin having annual capacity of 50,000 tones which will be based on TechnipFMC’s EPICEROL technology. The project will be setup with capex of around Rs 275 crore and is expected to generate revenue of approximately Rs 460 crore per annum at optimum operating rate.
Epicerol technology is based on glycerine as feed stock which is obtained from 100% renewable resources. This proven technology is of great interest to downstream users who are concerned about a cost-effective production route whilst taking advantage of an abundant renewable feedstock to reduce their carbon footprint. Project will be set at Chlor Alkali and Derivatives Complex, Dahej.
Meghmani Organics is a leading manufacturer of pigment and pesticide products in the country and is the recipient of several prestigious awards in recognition of its outstanding business performance.