De Nora India hits new high; stock zooms 110% in three weeks

The stock hit a new high of Rs 589 rallied 110% from Rs 280 on January 25, 2018, as compared to 4.6% decline in the S&P BSE Sensex.

De Nora India hits a new high of Rs 589, up 7% on BSE, extending its past three weeks rally after the company reported more than 10-fold jump in net profit at Rs 45 million in December quarter (Q3FY18).

The company operates in electrolytic products business had profit of Rs 3.7 million in the same quarter last fiscal and reported a loss of Rs 10 million in September quarter.

Operational revenue of the company during the quarter under review increased nearly three-fold to Rs 134 million from Rs 50 million in the corresponding quarter of previous fiscal.

In past three weeks, the stock zoomed 110% from Rs 280 on January 25, 2018, as compared to 4.6% decline in the S&P BSE Sensex. De Nora India announced its Q3FY18 results on January 29, 2018.

De Nora India (erstwhile known as Titanor Components) is a subsidiary of the De Nora Group and has brought to India the latest technologies with the complete support of De Nora's technical expertise and management. De Nora held 53.68% stake in De Nora India. De Nora India as part of De Nora is a leader in the fields of cathode & anode for chlor-alkali industry, electrochlorinators and cathodic protection systems.

De Nora is recognised worldwide as a leading supplier of technologies for the production of chlorine, caustic soda and derivatives for the chlor-alkali industry as well as the largest worldwide manufacturer and recoater of noble metal-coated electrodes, electrolyzers, coating solutions for the electrochemical industry in general. Energy saving and environmental protection are De Nora's distinguishing technologies.

At 10:27 am; the stock was trading 6% higher at Rs 583 on BSE against 0.71% rise in the Sensex. A combined 321,899 shares changed hands on the counter on BSE and NSE so far.