India Glycols, which had closed at Rs.842.55 on Friday, opened higher today at Rs.881 and went on to hit a new high and 20% UC of the day at Rs.1011.55. Volumes have jumped up almost 3.5 times.
The stock hit the roof after Foreign Portfolio Investor (FPI), WHV-EAM International Small Cap Equity Fund, on Friday bought 0.6% stake in the company at the price of Rs.830.22 on the NSE via the open market.
This apart, credit rating agency, India Ratings & Research (Ind-Ra), upgraded the company's long-term issuer ratings to 'IND A/Stable' from 'IND A-/Stable' while resolving the Rating Watch Positive (RWP).
Ind-Ra said the major debt reduction, recovery in demand in chemical segments and the limited impact of divestment on profits on account of income streams from the JV, the near-term prospects of the company are good. This is despite the capex of Rs.320 crore in FY22-23, being spent to set up two grain-based distilleries.