Financial Daily from THE HINDU group of publications
Wednesday, Sep 07, 2005
Financial Daily from THE HINDU group of publications Wednesday, Sep 07, 2005 |
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Markets
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Stocks Noble Explochem rises on bio-diesel prospects Virendra Verma
Mumbai , Sept 6 THE stock price of Noble Explochem, a chemical and horticulture company, has been rising over the last few days on its plans to focus on horticulture business, especially plants for making bio-diesel, and several orders from oil companies for one of its chemicals for refining diesel. Active interest in the stock is seen from the rise in the price by 50 per cent in just a week. In today's trading the stock price rose nine per cent to close at Rs 81.70 on the BSE.
The upturn in stock price has been accompanied by an increase in volumes. From an average of five lakh shares, the volume in today's trading was 11.59 lakh shares - all of them marked for delivery. Analysts said that the rise in the stock price is due to the company focus on horticulture project. For this the company is developing 14,000 acres. Within this, the market players are optimistic on the jatropha plant, which can be used for bio-diesel. "With international crude prices rising, the technology for making bio-fuels has become viable and the company is in a position to leverage on this," said an analyst with a domestic broking firm. Noble Explochem has already grown 15 lakh jatropha plants. But, he said, this is a long gestation period project and the results may not come soon. Other than this, the company has also grown other plants, which can be used in various medicine. The orders from various oil producing companies for its cetane improver, used to clean diesel, is another positive for the company. Recently it bagged an order from BPCL for 53 tonnes and Bongaigaon Refinery for 16 tonnes for this chemical. The company expect that both the companies will place repeat orders for sizeable quantities throughout this current year. Last year the company received orders from IOC for the supply of 2,550 tonnes of cetane improver. The usage of chemicals is increasing in India as most of the oil companies use sour crude, for which cetane improver is used to increase the purity of the diesel.
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