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Shares of Balaji Amines surged over 9.5% after a government subsidy announcement
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The company received Mega Project status for its Solapur unit from Maharashtra govt
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The subsidy package is valued at around Rs 250 crore under the state's incentive scheme
Shares of Balaji Amines have surged in trade on Thursday after the company announced the receipt of a major government subsidy package linked to the expansion of the Solapur unit.
The stock is currently trading at Rs 1,173, accounting for gains of more than 9.5%. This compares to Wednesday's closing price of Rs 1,070.
The sharp rally in Balaji Amines share come on the back of the company's disclosure that the Directorate of Industries, Government of Maharashtra, had granted "Mega Project" status to its Unit-4 facility.
The approval, received late Wednesday, falls under the state's Package Scheme of Incentives-2013. The total value of the order stands at around Rs 250 crore.
The program is designed to encourage industrial development in districts like Solapur, where Balaji’s new unit is located.
Photo: NDTV Profit
Photo: NDTV Profit
Despite the recent upmove, though, shares of Balaji Amines have corrected 33% in the last 12 months. The company still trades with a relative strength index of 65, which suggest neutral market sentiment for the counter.
Out of three analysts tracking the company, two maintain a 'buy' rating while the other suggests a 'sell,' according to Bloomberg data. The average 12-month consensus price target of Rs 1,362.33 implies an upside of 18.9%.
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