Apar Industries hits record high on plans to set up a plant in UAE

Apar Industries gained 1.45% to Rs 457 at 10:15 IST on BSE after the company said that its wholly owned subsidiary, Petroleum Specialities Pte., Singapore, is in the process of setting up a facility in United Arab Emirates.

The company made the announcement after market hours yesterday, 18 November 2014

Meanwhile, the S&P BSE Sensex was up 29.13 points or 0.1% at 28,192.42.

On BSE, so far 12,808 shares were traded in the counter as against average daily volume of 45,649 shares in the past one quarter.

The stock hit a high of Rs 468.15, also a record high for the stock. The stock hit a low of Rs 455.90 so far during the day. The stock had hit a 52-week low of Rs 110.05 on 14 February 2014.

The stock had outperformed the market over the past one month till 18 November 2014, rising 19.37% compared with the Sensex's 7.87% rise. The scrip had also outperformed the market in past one quarter, gaining 41.85% as against Sensex's 6.72% rise.

The mid-cap firm has an equity capital of Rs 38.50 crore. Face value per share is Rs 10.

The facility is for the manufacture of a comprehensive range of speciality oils and lubricants. The said plant will have state-of-the-art facilities to store, blend and process a wide range of speciality oils and lubricants for the power, cosmetics, industrial and automotive verticals, Apar Industries said.

Apar Industries' net profit fell 50% to Rs 15.95 crore on 9% rise in total income to Rs 1244.83 crore in Q2 September 2014 over Q2 September 2013.

Apar Industries, founded by Late Mr. Dharmsinh D. Desai in the year 1958 is operating in the diverse fields of electrical and metallurgical engineering. Over the ensuing years it has evolved to be a diversified company offering value added products and services in Power Transmission Conductors, Petroleum Specialities and Power Cables.

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