Shares of Supreme Petrochem, a seller of Styrene monomer, were stuck at the upper circuit filter after the company reported a sharp surge in profit despite a dip in sales.
Supreme Petrochem was one the biggest beneficiaries of a fall in prices for the entire chemicals complex. As a consequence, its raw material costs plunged. Supreme's shares were locked 20 percent higher at `114 on the National Stock Exchange. It also hit a record high.
Supreme Petrochem said its quarterly profit after tax surged to 63 crore rupees compared with 7 crores in the same period a year ago. Sales, however, dipped to 679 crores versus 835 crores as selling prices fell in line with a drop in input costs.
Supreme Petrochem's market capitalisation has grown 44 percent in the past one year to 920 crore rupees.
(Image credit: Indiatimes)