By Malvika Gurung
Investing.com -- Shares of the leading polyester manufacturer Indo Rama Synthetics (India) (NS: IRSY ) skyrocketed 18.66% on Monday and hit the intraday high at Rs 50.85 apiece in the session.
The stock continued to rise for the third day in a row, surging 23.5% in the period.
The polyester manufacturer’s shares zoomed in Monday’s intraday trade following the company’s update over the weekend that its wholly-owned subsidiary company began production at its newly constructed plant in Nagpur.
The wholly owned subsidiary of Indo Rama Synthetics, lndorama Yarns Private Limited has commenced operations at its newly built Solid-State Polymerisation (SSP) Plant at Butibori in Nagpur, Maharashtra.
The commercial production of ‘Bottle grade PET resins’ has successfully started at lndorama Yarns’ new SSP plant in Butibori on Friday, June 2, 2023.
InvestingPro’s financial models appear slightly bearish on the small-cap stock and have an average fair value of Rs 47.4/share set on it. At Indo Rama Synthetics' current market price, the average fair value is at a potential downside of 4.6%.
InvestingPro sees the most bearish fair value set on the small-cap stock at Rs 32/share, indicating a 35.67% potential downside.
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