Manali Petrochemicals Shares Gain Over 8% As Operations In Chennai Resume

Shares of Manali Petrochemicals Ltd. surged over 8% on Thursday, after it announced the commencement of operations in Chennai, following recovery from the recent floods.

The petrochemical manufacturer has resumed the entire operation of plant-2 in the city's Manali area, while operations of plant-1 have resumed partially, an exchange filing said. The company is in the process of restoring other manufacturing units in plant-1, it said.

Shares of Manali Petrochemical rose as much as 8.23%, before paring gains to trade 4.91% higher at 11:19 a.m., compared to a 0.01% decline in the NSE Nifty 50.

The stock has fallen 3.18% year-to-date. Total traded volume so far in the day stood at 6.6 times its 30-day average. The relative strength index was at 74.