Phillips Carbon Black rises 5% on expansion plans
It opened at Rs 578 and touched an intraday high and low of Rs 610.90 and Rs 576 respectively.
By ETMarkets.com | Updated:
NEW DELHI: Shares of Sanjiv Goenka's Phillips Carbon Black surged over 5 per cent on Friday after the company said that it will be investing Rs 300 crore to ramp up the capacity and was also evaluating a greenfield carbon black plant in South India.
Following the development, the stock gained 5.37 per cent to Rs 611.15 on BSE. It opened at Rs 578 and touched an intraday high and low of Rs 617 and Rs 576 respectively.
"We have a capacity of 4.8 lakh tonne per annum of carbon black and now we will be investing Rs 300 crore in Palej and Mundra plants of Gujarat to add another 80,000 tonne of capacity. The new capacity will be ready by FY2019," PTI reported PCBL chairman Sanjiv Goenka as saying.
Additionaly, for the quarter ended June 30, 2017, the company reported total revenue at 638.86 crore and a 33 per cent rise in sales.
The scrip touched its fresh 52-week high of Rs 672.80 on August 7, 2017 and its 52-week low of Rs 185.30 on August 11, 2017.
Following the development, the stock gained 5.37 per cent to Rs 611.15 on BSE. It opened at Rs 578 and touched an intraday high and low of Rs 617 and Rs 576 respectively.
"We have a capacity of 4.8 lakh tonne per annum of carbon black and now we will be investing Rs 300 crore in Palej and Mundra plants of Gujarat to add another 80,000 tonne of capacity. The new capacity will be ready by FY2019," PTI reported PCBL chairman Sanjiv Goenka as saying.
Additionaly, for the quarter ended June 30, 2017, the company reported total revenue at 638.86 crore and a 33 per cent rise in sales.
The scrip touched its fresh 52-week high of Rs 672.80 on August 7, 2017 and its 52-week low of Rs 185.30 on August 11, 2017.
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