Manali Petrochemicals will hold a meeting of the Board of Directors of the Company on 8 February 2023.

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Manali Petrochemicals today closed the acquisition of Penn Globe. The transaction was based on an Enterprise Value of GBP 21 million. Penn Globe, which is located in Cheshire, United Kingdom, is a global market leader in foam control agents and similar chemical products including lubricants, surface coatings, release agents and silicone emulsions. The Boards unanimously approved the acquisition of the company.

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Tata Motors-DVR, Jai Corp Ltd, IFCI Ltd and Voltas Ltd are among the other losers in the BSE's 'A' group today, 03 November 2022.

Manali Petrochemicals Ltd tumbled 9.78% to Rs 84.4 at 14:45 IST.The stock was the biggest loser in the BSE's 'A' group.On the BSE, 6.56 lakh shares were traded on the counter so far as against the average daily volumes of 56816 shares in the past one month.

Tata Motors-DVR crashed 9.09% to Rs 230.5. The stock was the second biggest loser in 'A' group.On the BSE, 11.11 lakh shares were traded on the counter so far as against the average daily volumes of 3.31 lakh shares in the past one month.

Jai Corp Ltd lost 8.43% to Rs 164.65. The stock was the third biggest loser in 'A' group.On the BSE, 4.31 lakh shares were traded on the counter so far as against the average daily volumes of 2.49 lakh shares in the past one month.

IFCI Ltd slipped 6.59% to Rs 11.19. The stock was the fourth biggest loser in 'A' group.On the BSE, 25.6 lakh shares were traded on the counter so far as against the average daily volumes of 12.49 lakh shares in the past one month.

Voltas Ltd fell 5.18% to Rs 863.1. The stock was the fifth biggest loser in 'A' group.On the BSE, 1.31 lakh shares were traded on the counter so far as against the average daily volumes of 90789 shares in the past one month.

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Revenues during the quarter decreased 34.5% year on year to Rs 268.08 crore. Profit before tax in Q2 FY23 stood at Rs 16.69 crore, steeply lower than Rs 157.53 crore posted in Q1 FY22.

EBITDA slipped 85.38% to Rs 23.96 crore in the second quarter as against Rs 163.83 crore in the same period previous year.

Ashwin Muthiah, chairman at MPL and founder chairman of AM International, Singapore said: “In spite of the current macro-uncertainty, our robust business model will help us navigate the challenges successfully. Further, the recent clearance from the Ministry of Environment, Forest, and Climate Change, Government of India, for the PG expansion project is a significant, much-awaited development. Together, these factors will enable us to create continued value for our entire stakeholder value chain.”

Ravi, MD of MPL and CEO, Petrochemicals division of AM International Group said that the downtrend in economy impelled by global events continued to affect the performance, which is being experienced since the last quarter of the previous year. Though sales volume could be maintained, product prices had been falling on the one hand and the input costs going up on the other, wearing down the margins. All possible steps are being taken to improve the performance, he added.

Meanwhile, the board of directors approved proposal for investment in AMCHEM Speciality Chemicals, Singapore, a wholly owned subsidiary of the company, upto $35 million in one or more tranches, for funding its overseas acquisition plans.

Further, the company's board has appointed R Chandrasekar as the wholetime director & CFO, for a period of three years effective from 3 November 2022, subject to approval of the members. He has nearly 35 years of experience in finance, accounts, audit, taxation, legal & secretarial functions in diverse segments such as engineering consultancy, EPC & construction, manufacturing, mining, etc.

Manali Petrochemicals is a petrochemical manufacturer based in Chennai, India. It markets propylene glycol and polyols.

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