Total 26 chemical companies so far announced their July-September 2016 (Q2FY17) earnings have reported 45% year on year jump in aggregate net profit of Rs 571 crore. These companies had posted a combined profit of Rs 393 crore in year ago quarter.
Thirumalai Chemicals locked in upper circuit of 20% at Rs 870, also its new high on BSE, on back of an over four-fold jump in trading volumes. A combined 2.45 million shares have already changed hands and there were pending buy orders for 35,445 shares on BSE and NSE.
Since October 19, in past seven trading sessions, the stock rallied 38% from Rs 628, after the company posted a consolidated net profit of Rs 16.39 crore for the quarter ended September 30, 2016 (Q2FY17). It had posted a net loss of Rs 14.94 crore in the same quarter year ago.
Thirumalai Chemicals announced that the upgrading of its fine chemicals & food ingredients units is nearing completion. This will add about 40% capacity by Q4 of the current year in these divisions.