Apcotex Industries has hit the 20% upper circuit today at Rs.223.20 – a new 52-week high too, with volumes rising 15 times.

The stock price has hit a new high on the back of its very good performance for Q1FY15. This Taloja (Maharashtra) based company is a leading producer of Performance Emulsion Polymers in India, which is used for tyre cords, Paper/Board Coating, Carpet Backing, Construction (Concrete Modification, Water Proofing, etc.), Paints, Textile Finishing and Automotive Components. The company was earlier established as a division of Asian Paints and then in 1991 , it was spun-off as a separate company.

It ended Q1FY15 with a net profit at Rs.6 crore, up from Rs.4 crore in previous Q1 and the same Rs.4 crore in Q4. This robust growth in bottomline was on account of the good growth in net sales at Rs.102 crore, up 36% (YoY) and up 27% (QoQ). EBITDA came in at Rs.11 crore, up 57%. The rise in net profit was despite the 68% (YoY) rise in depreciation and tax outgo soared to Rs.2 crore, up from Rs,68 lakh in previous Q1. Equity is pretty small at Rs.5 crore (face value Rs.5/share) and it is sitting on a huge reserves of Rs.80 crore.