Manali Petrochemical shines on entering into captive power agreement with First Energy 5
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Manali Petrochemical is currently trading at Rs. 69.83, up by 2.78 points or 4.15% from its previous closing of Rs. 67.05 on the BSE.
The scrip opened at Rs. 67.23 and has touched a high and low of Rs. 70.22 and Rs. 67.23 respectively. So far 47764 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 109.75 on 21-Jul-2022 and a 52 week low of Rs. 56.75 on 29-Mar-2023.
Last one week high and low of the scrip stood at Rs. 70.22 and Rs. 65.94 respectively. The current market cap of the company is Rs. 1204.51 crore.
The promoters holding in the company stood at 44.86%, while Institutions and Non-Institutions held 2.20% and 52.93% respectively.
Manali Petrochemical (MPL) has entered into a captive power agreement with First Energy 5 (a subsidiary of First Energy) [Captive Power Producer] on July 3, 2023 for procurement of Wind power under captive generation scheme as per Electricity Act, 2003 read with Electricity Rules, 2005 and will be investing upto 3.08% initially and will hold 2.59% of the paid up equity of the Captive Power Producer upon commissioning of the project during the tenure of the said agreement. The Cost of acquisition is Rs 247.90 lakh. The said acquisition is expected to be completed on or before October 2023.
Manali Petrochemical (MPL) is a leading petrochemical manufacturer based in Chennai, India. It markets propylene glycol and polyols.
