Rain Industries, which had closed yesterday at Rs.229.40, opened today higher at Rs.231.90 and went up to an intraday high at Rs.249.25. Its 52-week high is at Rs.272.90. Volumes are up over 4-times.
The stock price rose after the company announced that it has resumed calcined petroleum coke production at three of its U.S. facilities and that the restart process has begun at a fourth plant that was impacted by Hurricane Ida, which hit the Gulf Coast on August 29.
Its Purvis calcination plant in Mississippi was unaffected other than a short outage while the category 4 storm passed. Its fourth calcination facility that went offline due to the hurricane – the Norco plant in Louisiana – has begun the heat-up process and the company expects to resume CPC production there in the coming days.