Moneycontrol
Jun 09, 2017 04:26 PM IST | Source: Moneycontrol.com

Stellar SME performance: Vadivarhe Speciality zooms 90% in week; Ramesh Damani picks up stake

Vadivarhe Speciality Chemicals continued its run up was also on the back of picking up of stake by ace investor Ramesh S Damani who purchased 99,000 shares through block deal on June 7.

Moneycontrol News

SME company Vadivarhe Speciality Chemicals shares have been on buyers' radar throughout the week. The stock was locked at 10 percent upper circuit on Friday at Rs 95.70 on the SME platform of the National Stock Exchange.

With this rally, its gains during the week stood at 90 percent. The stock continued its run up was also on the back of picking up of stake by ace investor Ramesh S Damani who purchased 99,000 shares through block deal on June 7.

Another investor Saurabh Jain also bought 1.02 lakh shares of the company on same date.

Investors, who invested in the public issue at Rs 42, received a whopping 128 percent returns in the last few trading sessions.

Vadivarhe Speciality Chemicals manufactures organic chemicals with a core focus on intermediates, personal care products, and speciality chemicals.

In an interview to CNBC-TV18, Sunil Pophale, CMD of Vadivarhe Speciality Chemicals said the company has provided a growth estimate of at least 15-25 percent and margin will remain between 30 percent and 35 percent.

He feels exports are expected to grow more than the domestic market.

"We have acquired new customers and those customers are growing this year and there is robust pipeline of new product development and mostly there are exports. So the percentage of exports will grow," he reasoned.

Posted by Sunil Shankar Matkar

Sections
Follow us on
Available On