The trading volumes on the counter more than doubled today
Shares of Vinyl Chemicals (India) were locked in the 10 per cent upper circuit band for the second straight day at Rs 109 apiece on the BSE on Wednesday on back of heavy volumes. This was also the stock's 52-week high.
In the past one month, the stock of the firm engaged in chemical business has zoomed 111 per cent from a level of Rs 51.66, as against 2.3 per cent decline in the S&P BSE Sensex. It rallied 50 per cent in the past week. The stock had hit an all-time high of Rs 136 on May 2, 2018.
The trading volumes on the counter more than doubled today. Till 12:52 pm, a combined 1.42 million equity shares, representing 7.7 per cent of total equity of Vinyl Chemicals, have changed hands. There were a combined pending buy orders for around 100,000 shares on the NSE and BSE, the exchange data shows.
Vinyl Chemicals (India), a Parekh Group Company, was promoted by Pidilite Industries. The company is currently engaged in the business of trading in chemicals viz. Vinyl Acetate Monomer (VAM), which is now imported/sourced from various global suppliers and distributed/traded in India.
Pidilite Industries held 50.62 per cent stake in Vinyl Chemicals, while individual public shareholders held 40.90 per cent in the company as on March 2020, the shareholding pattern data shows.
For the quarter ended December 2019, Vinyl Chemicals had reported a 23 per cent year on year decline in profit before tax (PBT) at Rs 5.21 crore compared with Rs 6.76 crore in the corresponding quarter of previous fiscal. Revenue from operations slipped 20 per cent to Rs 111 crore from Rs 138 crore in the year ago quarter.