Stock Market update: Panama Petrochem Ltd shares up by 15% as ace investor Ramesh Damani buys 1.26% stake

The Mumbai-based company saw a huge jump in its profit of  Rs 135 crore as of December 2021 against Rs 28.78 crore in the previous fiscal.

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Shares of Mumbai-based Panama Petrochem Ltd. rose 15 per cent on the BSE at Rs 295 per piece in Wednesday’s intra-day session after the company released its latest shareholding pattern. The data provided by the company says that ace investor Ramesh Damani has bought a 1.26% stake in the petroleum and grease manufacturing company during the third quarter. The data also states that earlier the veteran investor did not have any stake in the previous quarter.

Incorporated in 1975, Panama Petrochem is one of India’s leading manufacturers and exporters of petroleum speciality products. The company has four manufacturing facilities in India namely in Ankleshwar (Gujarat), Daman (UT), Dahej Special Economic Zone (Gujarat) and Taloja (Raigad, Maharashtra). The facilities have enough infrastructure with the state of the art technology and storage capacities.

Panama Petrochem is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The company had recently declared an interim dividend of 2 per equity share of 2 each while announcing its September quarter earnings.

The company reported revenue from operations of Rs 1,447 crores as of December 2021 against Rs 1,003 crores in the previous fiscal. The Mumbai-based company saw a huge jump in its profit of  Rs 135 crore as of December 2021 against Rs 28.78 crore in the previous fiscal.