IOL Chemicals spurts after completing de-bottlenecking project

IOL Chemicals & Pharmaceuticals jumped 9.17% to Rs 92.85 at 11:24 IST on BSE after the company announced completion of de-bottlenecking project for its Ibuprofen manufacturing facilities at Barnala.

The company made announcement during market hours today, 19 November 2015.

Meanwhile, the S&P BSE Sensex was up 252.85 points, or 0.99%, to 25,735.37

On BSE, so far 67,000 shares were traded in the counter, compared with an average volume of 46,809 shares in the past one quarter.

The stock hit a high of Rs 96.40 and a low of Rs 85.25 so far during the day. The stock had hit a 52-week high of Rs 113.90 on 21 July 2015. The stock had hit a 52-week low of Rs 24.50 on 24 March 2015.

The stock had outperformed the market over the past one month till 18 November 2015, rising 4.68% compared with 6.36% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 12.5% as against Sensex's 8.44% decline.

The small-cap company has equity capital of Rs 54.58 crore. Face value per share is Rs 10.

IOL Chemicals and Pharmaceuticals (IOLCP) announced completion of de-bottlenecking/ re-engineering project for its Ibuprofen manufacturing facilities at Barnala with project cost of Rs 24 crore and commenced the enhanced production from today, 19 November 2015. Post this completion, the capacity of Ibuprofen plant increased to 6200 TPA. These approvals will facilitate the company to build and sustaining the growth by its API business in coming years, being the only integrated Ibuprofen player globally, by exploring the higher value regulated markets, IOLCP said.

IOL Chemicals & Pharmaceuticals reported net loss of Rs 12.93 crore in Q2 September 2015, higher than net loss of Rs 9.75 crore in Q2 September 2014. Total income rose 30.3% to Rs 158.47 crore in Q2 September 2015 over Q2 September 2014.

IOL Chemicals and Pharmaceuticals is one of the leading generic pharmaceuticals companies and is significant player in the speciality chemicals space.

Powered by Capital Market - Live News