Bhansali Engineering Polymers shares gain over 5% on consent order from MPPCB for expansion

The stock closed at Rs 138.20 on the BSE, up 5.46 percent despite weakness in the market.

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Bhansali Engineering Polymers share price climbed 5.5 percent on March 23 after getting consent order from pollution control board, for expansion at Satnoon plant in Madhya Pradesh.

The stock closed at Rs 138.20 on the BSE, up 5.46 percent despite weakness in the market. It traded with volumes of 2,93,085 shares, an increase of 167 percent compared to its five-day average of 1,09,625 shares.

The premium polymers supplier in its BSE filing on March 22 said it had received consent from the MP Pollution Control Board, for expansion of high rubber graft (HRG) capacity from 15,000 tonnes per annum (TPA) to 50,000 TPA at Satnoor plant in Madhya Pradesh.

The acrylonitrile butadiene styrene (ABS) manufacturer had reported lower consolidated profit at Rs 75.7 crore for the quarter ended December 2021, down by 44 percent compared to Rs 136.30 crore profit recorded in the corresponding period last fiscal.

Revenue from operations at Rs 341.5 crore in Q3FY22 fell 17 percent compared to Rs 411.3 crore topline reported in the year-ago period.

Its products are being used by companies that deal in automobiles, home appliances, electronics, health care & kitchenware segments.