The desert state of Rajasthan is a harbinger of growth, prosperity and wealth. Quite literally for Bhansali Engineering Polymers (BEP) whose shares surged up after the company proposed to launch production capacity expansion programme at its ABU Road Plant at Sirohi, Rajasthan today.
The plant will be built at a whopping cost of Rs 300 crore. The company plans to fund this by internal accruals, if rumours are to be believed.
Bhansali Engineering Polymers: Stock Market Update
After the announcement, shares of BEP surged by almost 1.42 percent to make an intraday high of 83.25
The stock was hovering around at the levels of 82.05 as the public sentiments were supportive at the levels. The stock, however, made a low of 79.25 in the mid-trade hour today.
The planning to set up a plant in Rajasthan is underpinned to enhance the company’s ABS production capacity from the existing 80 KTPA to 137 KTPA by 31 December, 2018.
The stock tanked down in the later hour of the trade to close at 80.65, down about half a percent.
Awesome Quarter 1 results
The recent quarter results were immensely praised by the market. Bhansali Engineering and Polymers reported total revenue at Rs 216.60 crore and net profit stood at Rs 15.06 crore for the quarter ended March 31, 2017.
The shares of Bhansali Engineering and Polymers touched its fresh 52-week high of Rs 84.60 on July 18, 2017 (in the anticipation of proposal and good Q1 results) and its 52-week low of Rs 18.95 on September 29, 2016
