India's Kanoria Chemicals jumps 20% on new plant opening

Kanoria Chemicals and Industries

29/12/2022 05:40

** Shares of Kanoria Chemicals & Industries Ltd  KNRC.NS 
surge as much as 20% to hit upper circuit at 151.3 rupees,
sharpest intraday gain since April 2011
    ** The Industrial chemicals maker, late on Wednesday, said
commercial production of phenolic resin plant at Ankleshwar,
Gujarat will begin from Jan. 1, 2023 
    ** Plant will have a capacity of 6,500 mln tonnes per annum
(MTPA)
    ** KNRC already has an 8,000 MTPA chemical plant in
Maharashtra
    ** Stock breaches key 50-day, 100-day and 200-day moving
avgs; set to close above them for first time since Nov. 11, if
gains sustain
    ** KNRC’s moving average convergence divergence (MACD) line
rises above the signal line, suggesting a bullish momentum
    ** More than 227,248 shares change hands in early trade,
~16x the 30-day avg 13,725 shares
    ** Stock down ~21.4% YTD, up to last close
 (Reporting by Aleef Jahan in Bengaluru)
 ((aleefjahan.cs@thomsonreuters.com; +91 8075473630;))