Chemical Stock Hits Record High After Securing Order From Maharatna PSU Company

GOCL Corporation, a small-cap company in the chemical sector opened today on the BSE at Rs 591.60 apiece and marked a record high at Rs 622.95 during the afternoon deals. While writing the copy the stock was trading with an upside gap of 2.15% at Rs 610.20 apiece. The focus is on the largest manufacturer of energetics in India after GOCL Corporation, a subsidiary of the company, received a purchase order from Coal India.

Coal India Limited, a Maharatna Company of the Government of India, has placed an order with IDL Explosives Limited (IDLEL), a fully owned subsidiary of GOCL Corporation, for the delivery of massive explosives. The supply of the aforementioned bulk explosives is to take place during a two-year period, from October 2023 to October 2025. The orders are Rs 766 crore in total value.

The Maharashtra Metro Rail Corporation Limited (MMRCL) also granted the company a Letter of Acceptance (LOA) for the design and construction of a 6.92 km long elevated metro viaduct. The project would cost 394.89 crore rupees, as per a regulatory filing.

By offering its customers cutting-edge solutions, GOCL Corporation Limited (previously Gulf Oil Corporation) has been a market pioneer in energetics and commercial explosives. For 60 years, it has supported India's mining and infrastructure sectors. The company also offers EMS (Electronics Manufacturing Services) for original equipment manufacturers, Metal Cladding Division (MCD) for industrial requirements and Special Projects Group (SPG) for defence and space applications.

The shares of GOCL Corporation made a 52-week-high of Rs 622.95 on (20/10/2023) and a 52-week-low of Rs 255.70 on (01/11/2022), indicating that after hitting fresh 1 year high today, the scrip is trading 137% above its 1 year low at the current market price. GOCL Corporation reported promoter shareholding of 73.83%, FIIs stake of 3.44%, Diis stake of 1.25%, Govt stake of 0.30% and public stake of 21.16% during Q2FY24.