India's Meghmani Organics turns positive on production foray

Meghmani Organics

23/12/2022 06:16

** Shares of Meghmani Organics Ltd  MEGI.NS  turn positive
after announcing foray into nano urea liquid fertiliser
production via unit
    ** MEGI shares, which opened lower and fell as much as 1.4%,
jump 2.1% after announcement
    ** Unit to set up plant in Gujarat with annual capacity of
50 million bottles, incur capex of 1.5 bln rupees ($18.10
million)
    ** Production to begin by March quarter of 2024 fiscal, with
projected annual revenue of 10 bln rupees
    ** Over 600,000 shares change hands by 11:22 a.m. IST, 1.2x
their 30-day avg volume
    ** Stock down 2.7% YTD as of last close
($1 = 82.86 Indian rupees)
 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))