Bhansali Engineering Polymers hits record high; stock zooms 39% in two days

The stock hit a new high of Rs 115, up 16% on the NSE in intra-day trade, rallied 39% in past two trading sessions from Rs 83 on October 3.

Bhansali Engineering Polymers hit a new high of Rs 115, up 16% on the National Stock Exchange (NSE), extending its previous day’s rally on back of heavy volumes. In past two trading sessions, the stock zoomed 39% from Rs 83 on October 3, 2017.

Till 11:41 AM; a combined 16 million equity shares representing 10% of total equity of Bhansali Engineering Polymers have changed hands on the NSE and BSE.

The BSE said, the exchange has sought clarification from Bhansali Engineering Polymers Ltd on October 5, 2017, with reference to increase in volume.

The reply is awaited.

The company on Tuesday said that the board of directors of the company will meet on Friday, 13th October, 2017 to consider and approve the unaudited financial results of company for the quarter ended 30th September, 2017 (Q2FY18).

Since July 14, post June quarter (Q1FY18) results, the stock appreciated by 55% from Rs 74. On comparison, the S&P BSE Sensex was down 1% during the same period.

The company engaged in specialty chemicals business had reported more than doubled standalone net profit of Rs 16.88 crore in Q1FY18, against Rs 8 crore in the same quarter last year. Net sales during the quarter grew 52% to Rs 224 crore from Rs 147 crore in the corresponding quarter of previous fiscal.