Navin Flourine share price hit its all-time high today after the firm said it has inked a $410 million (Rs 2,900 crore at current exchange rate) multi-year contract with a global company for manufacture and supply of high performance products in the fluorochemicals space. Share price of Navin Flourine International closed 20% or 242.50 points higher at Rs 1,455 compared to the previous close of Rs 1,212.60 on BSE.
The stock which opened marginally higher at Rs 1,219 hit the upper circuit of 20% in afternoon session on news of signing of contract.
1.24 lakh shares of the firm were traded amounting to turnover of Rs 16.93 crore on BSE.
Market capitalisation of the firm rose to Rs 7,198.60 crore on BSE. 7 of 10 brokerages rate the stock "buy" or 'outperform', two "hold" and one "underperform", according to analysts' recommendations tracked by Reuters.
The project will involve an investment of about $ 51.50 million (Rs 365.50 crore) in the manufacturing facility and $10 million (Rs 71 crore) in captive power plant.
The company will execute this capex and the project through its wholly owned subsidiary, Navin Fluorine Advanced Sciences. The project will be located in Dahej, Gujarat and funded through a mix of internal accruals and debt.
The company's board of directors today declared an interim dividend of Rs 4 per share of the face value of Rs 2 for the financial year 2019-20.
Navin Fluorine International is engaged in the chemicals business. The company focuses on fluorine chemistry, producing refrigeration gases, some basic building block fluorides and specialty organofluorines.
By Aseem Thapliyal