PCBL Stock At Hit Record High On Specialty Chemicals Capacity Expansion

Shares of PCBL Ltd. hit a record high on Tuesday after it commissioned the first phase of its specialty chemicals capacity expansion in Gujarat.

The Mundra plant has a chemical production capacity of 20,000 tonne-per-annum after the commissioning of the first phase. It will expand to a 40,000 tonne-per-annum capacity upon completion, according to an exchange filing on Monday.

The company is a major producer of carbon black, which is used as reinforcing filler in rubber compounds like tyres and other performance materials.

Shares of PCBL surged 7.02% intra-day to hit a record high of Rs 174.5 apiece. The stock is trading 6.10% higher at Rs 173 apiece as of 10.25 am, compared to a 0.59% advance in the NSE Nifty 50.

The total traded volume stood at 13.4 times its 30-day average. The relative strength index was 73.8, implying that the stock may be overbought.

All nine analysts tracking the company maintain a 'buy' rating on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 4.6%