Navin Fluorine shares rally for second day; surge nearly 6 pc

Extending gains for the second consecutive session, shares of fluorochemical manufacturer Navin Fluorine on Wednesday rallied nearly 6 per cent on the back of a multi-year contract from a global firm.

On the BSE, shares rose 11.95 per cent to hit a 52-week high of Rs 1,629 per unit. The scrip closed the day at Rs 1,538.95, up 5.76 per cent.

Similarly, on the NSE, the stock surged 12.06 per cent to its 52-week peak of Rs 1,629.80. The scrip closed at Rs 1,537, higher by 5.69 per cent.

In terms of volume, more than 21.99 lakh shares were traded on the NSE, while the BSE saw an exchange of 2.13 lakh units.

Also, the spurt in volume was more than 7.87 times while the trading session was going on.

The stock had closed 19.99 per cent up at Rs 1,455.10 on the BSE on Tuesday.

The company on Tuesday said it has signed a multi-year contract worth USD 410 million (about Rs 2,900 crore) with a global company for supply of products in the fluorochemicals space.

"The company has entered into a USD 410 million multi-year contract with a global company for manufacture and supply of a high performance product in the fluorochemicals space," it said in a BSE filing.

Navin Fluorine is in the business of manufacturing speciality fluorochemicals. It is a part of Padmanabh Mafatlal Group.