Rain Industries hits 5% LC

Rain Industries has been figuring in the top gainers for the past couple of days; going on to hit the 5% UC consistently, anticipating some corporate announcement. Yet today morning, reacting to the news, the stock price actually slumped to hit the 5% LC at 191.25.

Rain Carbon Inc, a step-down wholly-owned subsidiary of Rain Industries, announced yesterday that it will begin construction of a new resin polymerisation and hydrogenation plant in mid-July at its integrated coal tar and petrochemicals site in Castrop-Rauxel, Germany.

The plant hydrogenated water-white resins will serve as a cornerstone of Rain Carbon's new Advanced Materials product segment.

Once operational in the third quarter of 2019, the plant will have resin production capacity of up to 50,000 tonnes per year.