Image Source : FREEPIK Oil platform in the ocean with the sun setting behind it.
India is the world’s third-largest energy consumer. The size of the Indian chemical and petrochemical sector is around USD 190 billion and it is poised for transformational growth. Earlier this year, the government offered an investment opportunity of USD 30 billion in the petrochemical sector over the next decade to meet growing demand. Even though the per capita consumption is still low as compared to developed economies, the chemical and petrochemical industry can play a significant role in the country’s economic growth and can transform India into a global manufacturing hub.
As the sector continues to play a significant role in economic growth, several companies have been increasing their investment to capture the market, Recently, petrochemical company Kshitij Polyline announced that its revenue from operations during the second quarter increased by more than 100 per cent to Rs 16.48 crores. The same was recorded at Rs 8.07 crore during the year-ago quarter.
Small-cap petrochemical firm Kshitij Polyline shares began trading on the NSE today at Rs 6.80 per share and locked in an upper circuit of 5 per cent at Rs 6.90.
The spike in stock price was seen after the company released its Q2 results and a change in management.
A spike in stock price was seen during Friday’s session after the release of Q2 results. The small-cap stock began on the NSE at Rs 6.80 per share and locked in an upper circuit of 5 per cent at Rs 6.90, which is 0.57 times its book value.
It is one of the top manufacturers, suppliers, distributors and exporters of stationery and lamination equipment. It recently announced that it is also entering into solar and green energy segments.
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