Oriental Aromatics share price rallied nearly 16 percent intraday on June 10, after the company's subsidiary received environmental clearance for its greenfield project in Maharashtra.
The rally is backed by huge volumes on the BSE. It was trading with volumes of 9,353 equity shares, compared to its five-day average of 622 shares, an increase of 1,404.67 percent, and there was a 610 percent increase in volumes compared to its thirty-day average of 1,316 shares.
The chemical manufacturing company informed exchanges that the State Environment Impact Assessment Authority (SEIAA), and Ministry of Environment has accorded its environmental clearance for the proposed greenfield project by its wholly-owned subsidiary Oriental Aromatics & Sons.
The subsidiary will manufacture speciality chemicals and chemical intermediates at an additional MIDC Mahad, Maharashtra.
Oriental Aromatics is one of the largest Indian manufacturers of a variety of aroma chemicals, camphor, fragrances and flavours. Its custom designed fragrances are found in fine fragrances, incense sticks, candles, and various FMCG products like soaps, shampoos, hair oils, detergents, etc. It also provides flavours for icecreams, bakeries, confectionaries, beverages, chewing gums, chocolates etc.
After hitting an intraday high of Rs 608.90, the stock was trading at Rs 591.50, up Rs 65.35, or 12.42 percent on the BSE at 2:11 pm IST.
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