Vikas EcoTech rose 3.73% to Rs 25.05 at 12:27 IST on BSE after the company said it won a commercial order for Organotin stabilizers from Mexichem.
The announcement was made during trading hours today, 8 May 2017.Meanwhile, the S&P BSE Sensex was up 95.04 points, or 0.32% to 29,953.84.
On the BSE, 11.50 lakh shares were traded in the counter so far, compared with average daily volumes of 10.22 lakh shares in the past one quarter. The stock had hit a high of Rs 25.45 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 24.50 so far during the day. The stock hit a 52-week low of Rs 10.85 on 1 June 2016.
The stock had outperformed the market over the past one month till 5 May 2017, rising 12.06% compared with 0.23% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 46.36% as against Sensex's 5.73% rise.
The small-cap specialty chemicals company has equity capital of Rs 30.56 crore. Face value per share is Re 1.
Vikas Ecotech announced that it won a commercial order to supply Organotin stabilizers from Mexichem. The Mexico-headquartered company is a worldwide leader in plastic pipes, and one of the largest chemical and petrochemical companies, with more than 50 years of experience in Latin America.
This is Vikas Ecotech's first commercial order from the petrochemical giant through its Columbian subsidiary. The Organotin stabilizer supplied by Vikas Ecotech will be used in the manufacturing of food-grade PVC Compounds/ Pipes.
Vikas EcoTech had commenced trial orders last year for Organotin with Mexichem. This commercial order from a Mexichem's Columbian subsidiary is the culmination of that effort. Vikas EcoTech's Organotin stabilizers are non-toxic additives that meet stringent global standards of quality and efficacy. This order will have a multiplier effect and translate into additional demand for Vikas Ecotech's products in South America.
Net profit of Vikas Ecotech declined 32.61% to Rs 7.46 on 1.64% rise in net sales to Rs 84.07 crore in Q3 December 2016 over Q3 December 2015.
Vikas EcoTech is a specialty chemicals and plastic & rubber additives player. It provides IPR-driven compounds and specialty chemicals that are non-toxic. It derives a majority of its revenues from PVC industry additives like Organotin stabilizers and from specialty compounds.
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