Meghmani Finechem gains on commissioning epichlorohydrin plant
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Meghmani Finechem is currently trading at Rs. 1445.85, up by 5.45 points or 0.38% from its previous closing of Rs. 1440.40 on the BSE.
The scrip opened at Rs. 1457.80 and has touched a high and low of Rs. 1485.00 and Rs. 1430.00 respectively. So far 17159 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 1524.95 on 26-Apr-2022 and a 52 week low of Rs. 386.35 on 18-Aug-2021.
Last one week high and low of the scrip stood at Rs. 1497.05 and Rs. 1223.60 respectively. The current market cap of the company is Rs. 6021.03 crore.
The promoters holding in the company stood at 71.18%, while Institutions and Non-Institutions held 1.51% and 27.31% respectively.
Meghmani Finechem has commissioned plant to produce epichlorohydrin (ECH) with annual capacity of 50,000 tonne. The company is the first company in India to commission a plant for the production of ECH, a chemical compound which is currently imported by the country. The plant has been commissioned on time and without any cost overrun.
In India, approximately 80 per cent of ECH goes into epoxy resin manufacturing, which is further used in industries such as paint, automotive, construction material, windmill, adhesives and electronics. The remaining 20 per cent of the ECH is consumed by the pharmaceuticals industry, for water treatment and paper chemicals, demand for which is also expected to grow significantly.
Meghmani Finechem is primarily engaged in manufacturing and selling of Chlor Alkali & its Derivatives. The Company is also engaged in Trading of Agrochemical products.
