Balkrishna Industries gains on commencing carbon black project

Balkrishna Industries was up 2.88% to Rs 778 at 12:09 IST on the BSE after the company said it commenced the trial production of phase 1 of carbon black project at its Bhuj plant in Gujarat from 28 June 2018.

The announcement was made after market hours on Friday, 28 June 2019.

Meanwhile, the S&P BSE Sensex was down by 266.26 points, or 0.68% to 39,660.90.

On the BSE, 25,000 shares were traded in the counter so far compared with average daily volumes of 30,000 shares in the past two weeks. The stock had hit a high of Rs 782.75 and a low of Rs 757.20 so far during the day. It hit a 52-week high of Rs 1467.40 on 29 August 2018 and a 52-week low of Rs 727.05 on 18 June 2019.

Balkrishna Industries announced that the project has a capacity of 60,000 metric ton (MT) per annum.

Balkrishna Industries' net profit fell 4.6% to Rs 184.74 crore on a 9.7% rise in the net sales to Rs 1351.04 crore in Q4 March 2019 over Q4 March 2018.

Balkrishna Industries is engaged in offering pneumatic tires. The company offers tires, tubes and tire flaps.

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