Tamilnadu Petroproducts shares surge; to invest in Dalavaipuram Renewables

Tamilnadu Petroproducts has agreed to invest upto Rs 13.88 crore, which constitutes 2.73% of the paid-up equity capital of Dalavaipuram Renewables (DRPL) to meet the requirement of Captive power generation under the Electricity Act, 2003. Earlier, the company had entered into an arrangement with Dalavaipuram Renewables to procure up to 59.93 million kWh power per annum (Solar & Wind). 

The company is primarily engaged in the manufacturing and sale of petrochemical products viz., Linear Alkyl Benzene (LAB), Caustic Soda, Chlorine and Propylene Oxide at its facilities situated in Manali, Chennai. TPL, led by promoters SPIC Limited and Tamilnadu Industrial Development Corporation Limited, has a strong business commitment to the detergent industry.  

SPIC has a turnover of nearly USD 800 million and has been instrumental in TPL’s corporate leadership in the detergent business. The LAB plant is located in the Manali Industrial Belt, 25 km from Chennai City, offering various infrastructure facilities, a metropolitan city, and a cosmopolitan culture. TPL’s excellent track record and achievements in a short time frame are attributed to continuous technology upgrades, quality human resources, and customer satisfaction. 

Tamilnadu Petroproducts is currently trading at Rs 80.30, up by 0.54 points or 0.68% from its previous closing of Rs 79.76 on the BSE. The scrip opened at Rs 79.77 and has touched a high and low of Rs 81.58 and Rs 79.77 respectively. So far 10,027 shares were traded on the counter. 

The BSE group ‘B’ stock of face value of Rs 10 has touched a 52-week high of Rs 111.65 and a 52-week low of Rs 68. Last one week high and low of the scrip stood at Rs 81.85 and Rs 77.95 respectively. The current market cap of the company is Rs 725.17 crore. 

The promoters holding in the company stood at 34.54%, while Institutions and Non-Institutions held 8.05% and 57.40%, respectively.