Meghmani Finechem stock rises 5% in afternoon session

Shares of Meghmani Finechem gained nearly 5 per cent amid weak sentiment in the broader indices today. Meghmani Finechem stock touched an intraday high of Rs 1,495.5, rising 4.83 per cent on BSE. The stock touched also touched an intraday low of Rs 1,390, falling 2.56 per cent on BSE. Meghmani Finechem stock is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages.

The stock has gained 92 per cent this year and risen 8.88 per cent in a month. Total 0.11 lakh shares changed hands amounting to a turnover of Rs 1.60 crore on BSE. Market cap of the firm rose to Rs 5,964 crore.

The large-cap stock hit a 52-week high of Rs 1,557 on June 3, 2022 and a 52-week low of Rs 386 on August 18, 2021. The firm reported a stellar set of earnings in Q4. Net profit zoomed 202 per cent to Rs 99.09 crore in the previous quarter against Rs 32.76 crore net profit in the corresponding quarter Sales rose 92.92 per cent to Rs 498.80 crore in Q4 against Rs 258.55 crore in the corresponding quarter of previous fiscal.

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Last week, the firm announced the successful commissioning of Epichlorohydrin (ECH) Plant of 50,000 tonne per annum capacity.

Despite a challenging external environment, the plant is commissioned on time and without any cost overrun, a testimony of the company's strong project execution skills. It is the first company in India to commission an ECH plant - a currently fully imported product.

Meghmani Finechem is engaged in the production of Chlor-Alkali and its derivatives with backward and forward integration facilities. MFL is driven to meet world's essential chemicals demand with responsible care and scalable growth along with the commitment towards quality and environment.