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Shares of Balaji Amines jumped as much as 6 per cent to hit a record high of Rs 674.45 on Tuesday as the Department of Industries, Energy and Labour, Mantralya, Mumbai has conferred mega project status to its expansion project.
Following a strong open at Rs 640 against the previous close of Rs 632.60, the scrip touched an intraday high of Rs 674.45 and a low of Rs 636 on the BSE. In terms of equity volume, 1.16 lakh shares exchanged hands in the evening trade.
The company shares ended up by 1.6 per cent at Rs 642.75.
According to a BSE filing, the Department of Industries, Energy and Labour, Mantralya, Mumbai has conferred 'Mega Project' status to the expansion project being under taken by the company at a project outlay of Rs 296 crore at MIDC Chincholi, Solapur, Maharashtra.
The mega project entitles the company to various incentives, subject to compliance of conditions of Package Scheme Incentives 2013, the filing said.
Balaji Amines has been allotted 3,60,000 sq.metres (90 acres) land in MIDC Chincholi, Solapur, Maharastra. The company will use land for expansion projects.
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