India's Supreme Petrochem up on rising growth prospects from capacity expansion

Supreme Petrochem

22/02/2023 05:50

** Shares of Supreme Petrochem  SPTL.NS  rise as much as 3%,
most in two weeks, to 376.75 rupees
    ** Uptick in polymer maker's stock comes after analysts said
capacity expansion measures would add additional polystyrene
capacity of 120,000 mln tonnes per annum 
    ** SPTL is enhancing its production capacities to cater to
rising demand, expect SPTL to clock 11.3% annual growth in
revenue between FY22 and FY24: KR Choksey Institutional Research
    ** SPTL reported slide in profit after tax in Dec-qtr due to
high raw material costs, but with the rising demand for polymer
products, co is well-placed for growth, two analysts said
    ** About 23,621 shares change hands as of 11:12 a.m. IST,
more than half the 30-day avg of 45,966 shares - Refinitiv data
 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; Mobile:
+919769003463))