Manali Petrochemical shares surged as much as 11.80 per cent in early trade on Tuesday after the company announced 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. At 10.36 am, shares of Manali Petrochemical were trading 8.87 per cent up at Rs 41.10. The scrip opened the day at Rs 38.55 and has touched a high and low of Rs 42.20 and Rs 38.50, respectively, in trade so far. Later, the scrip closed 9.80 per cent up at Rs 41.45.
Manali Petrochemicals is a leader in the production and marketing of Propylene Oxide, Propylene Glycols and Polyols in India. In the past one year, shares of the company have risen 43 per cent to Rs 37.75, whereas BSE Sensex gained 5.44 per cent during the same period. For the quarter ended June 30, 2016, Manali Petrochemical registered net profit of Rs 10.80 crore, down 26.69 per cent, against Rs 14.73 crore in the corresponding quarter a year ago.
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.