Pondy Oxides & Chemicals surges on entering into MoU with Tamil Nadu Guidance
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Pondy Oxides & Chemicals is currently trading at Rs. 756.50, up by 31.90 points or 4.40% from its previous closing of Rs. 724.60 on the BSE.
The scrip opened at Rs. 790.05 and has touched a high and low of Rs. 794.50 and Rs. 741.35 respectively. So far 23225 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 794.50 on 10-Jan-2024 and a 52 week low of Rs. 264.00 on 29-Mar-2023.
Last one week high and low of the scrip stood at Rs. 794.50 and Rs. 502.00 respectively. The current market cap of the company is Rs. 842.33 crore.
The promoters holding in the company stood at 48.88%, while Institutions and Non-Institutions held 0.01% and 51.10% respectively.
Pondy Oxides & Chemicals has entered into a Memorandum of Understanding (MoU) with Tamil Nadu (TN) Guidance, the nodal agency of Government of Tamil Nadu (GoTN) for Investment Promotion and facilitation, to set up State of the Art Recycling and Manufacturing Plants for Non-Ferrous Metals, Lithium-Ion Batteries, Paper, Plastics and Rubber contributing to Sustainability and Circular economy to the state of Tamil Nadu. The company proposes to invest Rs 300 crore to Rs 500 crore in the Proposed Projects in the next 5 years in the State of Tamil Nadu and further proposes to employ 1200 people (Direct and Indirect Employment).
Pondy Oxides & Chemicals (POCL) the leading Secondary Lead Smelter in India. POCL produces the highest quality lead and lead alloys and PVC additives which are supplied to its customers who are mainly battery manufacturers, chemical manufacturers and PVC extruded and moulded products.
