The company made the announcement before market hours today, 17 December 2007.

The BSE Sensex was down 153.19 points, or 0.76%, to 19874.07 on concerns surging inflation in the US may prevent Federal Reserve from lowering interest rates enough to pull the US economy out of the grip of a housing and credit crisis.

On BSE, 4043 shares of the scrip were traded. The stock had an average daily volume of 73,527 shares on BSE in past one quarter.

The scrip had touched a low of Rs 451.05 in the early trades. The stock had hit a 52-week high of Rs 464.80 on 28 November 2007 and a 52-week low of Rs 97.25 on 7 March 2007.

The scrip had outperformed the market in the one month to 14 December 2007, adding 15.39% as against the Sensex's 1.24% gain. It had also outperformed the market in the past three months, spurting 93.99% against the Sensex's 28.37% rise.

The mid-cap chemicals maker has an equity capital of Rs 27.88 crore. Face value per share is Rs 10.

At the current price of Rs 451.05, the scrip trades at a PE multiple of 6.51, based on Q2 September 2007 annualised EPS of Rs 69.25.

The company, which has acquired 96.56% in Shakumbari Sugar, would also invest Rs 180 crore on expanding the capacity of the acquired unit.

Shakumbari Sugar And Allied Industries is promoted by Jagran Prakashan Group. The company started implementation of its sugar mill project in Uttar Pradesh in December 1994 and completed commissioning of the plant in 14 months time in February 1996. In November 2006 company also received permission from the state government of Uttar Pradesh to manufacture and sell country liquor.

India Glycols’ net profit rose 133.30% to Rs 48.27 crore on 36.10% rise in sales to Rs 306.68 crore in Q2 September 2007 over Q2 September 2006.

India Glycols’ principal activity is the manufacture and sale of chemicals. It operates in three segments: chemicals, liquor and others. India Glycols is the first company in the world to produce ethylene oxide (EO)/mono ethylene glycol (MEG) from renewable agro route based on molasses, since 1989.