Manorama Industries Gains Over 7% On Commissioning New Plant
The new plant boasts a 25,000-tonne per annum capacity, which the company expects to unlock its top-line and bottom-line growth in the coming years.
Shares of Manorama Industries Ltd. gained over 7% to over a one-week high on Friday after it commissioned a new fractional plant. The butter and other fat producer's new plant boasts a 25,000-tonne per year capacity, taking the total fractional plant capacity to 40,000 per year, according to an exchange filing.
"This boost in capacity is expected to unlock growth in the company's top-line and bottom-line in the coming years," President of Manorama Industries, Ashish Saraf, said in the filing.
Shares of Manorama Industries rose 7.75% to Rs 484.70 apiece, the highest level since April 3. It was trading 6.3% higher at Rs 474 as of 11:47 a.m., as compared to 0.43% decline in the NSE Nifty 50 index.
The stock gained 116.73% in last 12 months. Total traded volume so far in the day stood at 3.9 times its 30-day average. The relative strength index was at 73.38, which implied the stock is overbought.
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