Shree Pushkar Chemicals hits new high since listing; surges over 100% from IPO price

The stock rallied 7% to Rs 143, appreciating more than 100% from its initial public offer price of Rs 65 per share.

Shree Pushkar Chemicals & Fertilisers has rallied 7% to Rs 143, highest level since its listing on September 10, 2015 on the BSE. The stock has appreciated more than 100% compared to its initial public offer (IPO) price of Rs 65 per share.

Shree Pushkar Chemicals & Fertilisers is the country’s largest manufacturer of K Acid and about 76% of its total revenues generated from dyes intermediates.

In January the company said it had commissioned the first plant of dyes. The three plants comprising of dyes, vinyl sulphone & H'Acid were to be commissioned progressively one after the other from December 2015 to May 2016.

Kiri Industries, the specialty chemicals manufacture, on Tuesday said that there has been a sudden dramatic change in the market situation of Dyes Intermediate especially H-acid and vinyl sulphone due to closure of a leading manufacturing plant in China.

The average price of H-acid during the previous financial year which has been ranging from Rs 300 to Rs 360 per Kg. was now shot up to about of Rs 900 to Rs 1,000 per kg and average price of vinyl sulphone during the previous financial year which stood at Rs 160 to Rs 180 per Kg. was now shot up to about of Rs 240 to Rs 275 per kg globally, it added.

At 11:10 am, shares of Shree Pushkar Chemicals & Fertilisers were up 4% at Rs 140 on the BSE as compared to 0.59% decline in the S&P BSE Sensex. The trading volumes on the counter nearly doubled with a combined 235,819 shares changed hands on the BSE and NSE.

Kiri Industries was up 4% at Rs 174 after hitting 52-week high of Rs 180 on the BSE in intra-day trade. In past seven trading sessions, the stock zoomed 110% from Rs 83 on March 29, 2016.