Ramesh Damani, Anil Goel portfolio stock: Panama Petrochem just announced dividend, Q2 results

Shares of Panama Petrochem plunged nearly 7 per cent in a knee-jerk reaction to its September quarter results, only to recover fully. At 1.48 pm, the scrip was trading 0.21 per cent higher at Rs 309, up 0.21 per cent on BSE. The scrip has risen 19.73 per cent year-to-date.

Seasoned investors Ramesh Damani and Anil Goel are among public shareholders in this company. Anil Kumar Goel held 7,60,000 shares or 1.52 per cent, stake in this company as of September 30. Ramesh Damani, on the other, hand, held 6,36,379 shares or 1.27 per cent stake in the company as of September-end.

The company on Monday reported a net profit of Rs 67.43 crore for the September quarter compared with Rs 61.92 crore in the corresponding quarter last year. Revenue from operations for the quarter rose to Rs 613.84 crore compared with Rs 563.32 crore in the same quarter last year.       

Profit before tax stood at Rs 85.08 crore against Rs 78.66 crore YoY.

The company board has declared an interim dividend of Rs 3 per share for FY23, amounting Rs 18.15 crore.

Panama Petrochem is a manufacturer and exporter of petroleum specialty products It has four manufacturing units in India namely in Ankleshwar (Gujarat), Daman (Union Territory), Dahej (Gujarat, SEZ) and Taloja (Dist. Raigadh). The stock is listed on both BSE and NSE.

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