Micro-Cap Chemicals Stock Rallies 20% in Tepid Market, Nears 52-Wk High

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Micro-Cap Chemicals Stock Rallies 20% in Tepid Market, Nears 52-Wk High

By Malvika Gurung

Investing.com -- Shares of the chemical manufacturing company Indo Amines (NS: INAM ) skyrocketed 19.65% to Rs 119.65 apiece at the time of writing, nearing its 52-week high of Rs 121.9 apiece hit on Apr 29. The stock opened at Rs 120.05 apiece on Thursday.

Indo Amines has significantly defied the broader market’s mood, as benchmark equity indices Nifty50 and Sensex slipped  0.15% each.

The micro-cap company has received an environmental clearance for the expansion of 'Synthetic Organic Chemical' for its manufacturing units based in Thane and Dhule districts in Maharashtra.

The two plants are situated at Plot No. A-35/1, MIDC, Badlapur, Tal. Ambernath, Dist. Thane and Plot No. J-5, MIDC Avdhan Taluka, Dist. Dhule, stated the company.

The chemicals company posted a whopping 269.4% jump in net profit on a QoQ basis for the June 2022 ending quarter, while the total income surged 43% YoY and 20.6% QoQ to Rs 258.9 crore in the period. Its revenue from operations jumped 46% YoY in the quarter.

The company’s management said, “We are happy to share the amazing growth figures. We will keep strengthening our position and extending into untapped new markets. In the current year, we have maintained our growth trajectory and enhanced our EBITDA margins.”

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