India's Southern Petrochemical rises on MoU with Tamil Nadu

Southern Petrochemical Industries

09/01/2024 06:13

** Shares of Southern Petrochemical Industries Corporation
 SPIC.NS  rise as much as 6.1% to 85.6 rupees
    ** The fertilizer maker enters into a memorandum of
understanding (MoU) with India's southern state of Tamil Nadu 
    ** As per the agreement, Tamil Nadu will provide
infrastructural support and regulatory facilitation to SPIC
    ** Stock on track to snap two sessions of losses, if gains
hold
    ** SPIC stock has been above its 50-day, 100-day, and
200-day simple moving avgs for over a month, indicating bullish
sentiment
    ** Stock lost 11.5% in 2023


 (Reporting by Anuran Sadhu in Bengaluru)
 ((Anuran.Sadhu@thomsonreuters.com ;))