Published on 17/03/2017 11:37:16 AM | Source: Dion Global Solutions Ltd.

NOCIL gains on getting nod for expansion of capacities at Navi Mumbai, Dahej

Posted in Stock On The Move | #Oil and Gas Sector #Stock On The Move #NOCIL Ltd


Shares of NOICL surged nearly 2 per cent on the Bombay Stock Exchange after it has received an approval for expansion of capacities of Rubber Chemicals and their intermediates at its plants situated at Navi Mumbai and Dahej. “The Board of Directors, at its meeting held on 16th March, 2017 approved expansion of capacities of Rubber Chemicals and their intermediates at the Company's plants situated at Navi Mumbai and Dahej,” it said in a filing to the Bombay Stock Exchange.

The total Capital Expenditure envisaged is approx. Rs.170 Crore. The expansion project is likely to be commissioned by the end of Quarter 2 of the Financial Year 2018-19. The Capital Expenditure will be financed largely through internal accruals, the filing added. Boosted by the development, shares of company gained as much as 2.02 per cent at Rs 86.60 apiece on the Bombay Stock Exchange. Meanwhile, the broader benchmark BSE Sensex was trading at 29,684.37, up 98.52 points, or 0.33 per cent at 11:30 hours.