Stock Market update: Panama Petrochem Ltd shares on rally for 2nd straight day

Yesterday the shares of the company saw a significant surge of 15 per cent with INR 295 apiece.

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Panama Petroleum Ltd shares are experiencing a period of sustained increase in the prices of stocks, bonds, or related indexes as the shares were up to 12.65 per cent at INR 322.85 apiece as of 12.49 IST today.

This share rally is attributable to the introduction of a new investor Ramesh Damani in the game with a 1.26 per cent stake purchase in the December quarter, data on BSE revealed. Yesterday the shares of the company saw a significant surge of 15 per cent with INR 295 apiece.

Panama Petro shares have fanned the flames by offering a multi-bagger return of around 190% in 12 months compared to an over 24% upsurge in its benchmark index Sensex. The scrip currently drifts over ₹295 per share by trading around 102 level in January 2020. The stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 253.82, 251.97 and 252.33, discretely.

Incoming prospects, the company in the FY21 annual report highlighted with key players aiming to ramp up the scale that the collective demand of all the key segments in the petrochemical industry is likely to regain a sharp positive trajectory.

Panama Petrochem Ltd is among the chief manufacturers and exporters of petroleum and pharma products etc since 1975. Panama Petrochem Ltd has four manufacturing units in India in Ankleshwar (Gujarat), Daman (Union Territory), Dahej (Gujarat, SEZ) and Taloja (Dist. Raigadh) having infrastructure, with state-of-the-art technology and storing capacities. Panama Petrochem has been registered on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).