Apar Industries opened strongly in the green and scaled a new high at Rs.468.15 but since then it has come off the high and is now at Rs.453, up less than 1%, just about sticking it out in the green

The stock is reacting to the news that the company’s wholly owned subsidiary Petroleum Specialities Pte Ltd, Singapore, is in the process of setting up a facility in the United Arab Emirates. The facility will manufacture a comprehensive range of specialty oils and lubricants. The plant has facilities to store, blend and process a wide range of specialty oils and lubricants for use in the power, cosmetics, industrial and automotive verticals.

Financially the company had a tough Q2 with its net profit slipping 50% (YoY) at Rs.16 crore.