Indo Rama in the green

Indo Rama Synthetics is in the green today; the stock which had closed on Friday at Rs.42.77, it opened marginally higher at Rs.43.06, it went up further to hit an intraday high at Rs.50.39, which is very close to its 52-week high at Rs.51.32.

The stock price rose after the company said that its wholly owned subsidiary has begun commercial production of bottle grade PET resins.

This is from its newly built solid-state polymerisation (SSP) plant at Butibori in Nagpur, Maharashtra.

The company had ended Q4FY23 with a consolidated net revenue at Rs.880 crore, down 30% (YoY) on which, its net profit fell 98% to Rs.1252 crore.