Manali Petrochemical shares surge on consent from Tamil Nadu Pollution Control Board

By: | Updated: July 27, 2016 4:26 PM

Manali Petrochemical shares gained over 8 per cent intraday after it said the company has received the consent from Tamil Nadu Pollution Control Board (TNPCB) for operating the plant at higher capacity

manali petrochemical tamil naduManali Petrochemical shares gained over 8 per cent intraday after it said the company has received the consent from Tamil Nadu Pollution Control Board (TNPCB) for operating the plant at higher capacity (Express Photo)

Manali Petrochemical shares gained over 8 per cent intraday after it said the company has received the consent from Tamil Nadu Pollution Control Board (TNPCB) for operating the plant at higher capacity and hence the utilisation of the plant is being restored to the earlier levels. At 1.06 pm, shares of Manali Petrochemical were trading 4.88 per cent up at Rs 35.45. Shares of the company opened the day at Rs 35.70 and has touched a high and low of Rs 36.75 and Rs 35.20, respectively, in trade so far. Later, share price of the company ended 4.59 per cent up at Rs 35.35.

In a BSE filing, the company said, “We wish to inform consent of TNPCB for operating the plants at higher capacity has been received and hence the utilisation of the plants is being restored to the earlier levels.”

The comany will announce its financial results for the first quarter ended June 30, 2016 on August 4.

For the quarter ended March 31, 2016, the company reported net profit of Rs 12.78 crore, up 43.22 per cent, against Rs 8.92 crore in the corresponding quarter a year ago. Gross sales of the company slid 37.37 per cent year-on-year to Rs 123.03 crore in Jan-March 2016 quarter against Rs 196.44 crore in the same quarter last year.

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