DCM Sriram surges 10% Intraday on Starting New Plant

DCM Shriram said that it has on 8 November 2016 commissioned additional captive power generation capacity at its chlor-alkali unit in Bharuch, Gujarat. The announcement was made after market hours yesterday, 9 November 2016.

DCM Sriram share price went up by over 10% to the intraday high of Rs. 240 on the NSE today. Meanwhile, the Benchmark Index Nifty was trading up by 1.81 per cent at 8,584.70.

On NSE, so far eighty nine thousand shares were traded in the counter, compared with an average volume of 35,871 shares in the past one quarter. The stock traded at a high of Rs 240 and a low of Rs 225.95 so far during the day. The stock hit a record high of Rs 286.70 on 25 October 2016. The stock hit a 52-week low of Rs 106.65 on 12 February 2016. The stock outperformed the market over the past one month till 9 November 2016, rising 0.81 per cent compared with the Sensex's 2.88% per cent fall. The scrip however under performed the market in past one quarter, declining 5.16 per cent as against the Sensex's 2.96 per cent decline. The mid-cap company has an equity capital of Rs 32.48 crore. Face value per share is Rs 2.

DCM Shriram declared that the total coal based captive power generation at the Bharuch, Gujarat unit now stands at 115 megawatts (MW). The augmented power generation capacity will fulfill the power requirements of its chloro-alkali unit at Bharuch, Gujarat where the expansion of chlor-alkali capacity to 1,013 tonnes per day (TPD) was finished in October 2016.

Meanwhile, at 12:17 PM, DCM Sriram share price was trading at Rs. 235.55, up by 7.61 per cent.

On a consolidated basis, DCM Shriram's net profit increased 48 per cent to Rs 91.50 crore on 4 per cent drop in net sales to Rs 1358.63 crore in Q2 September 2016 over Q2 September 2015. DCM Shriram's business portfolio comprises mainly of two types of businesses: agri-rural business and chlor-vinyl business.

DCM Sriram is the Multibagger stock of the month as recommended by Dynamic Levels. For the support and resistance levels of DCM Sriran, visit DCM Sriram share price history page of Dynamic Levels website.