Jobaaj Stories
The stock of chemical manufacturer Rain Industries surged over 8% on the bourses today after the company reported a 36% surge in revenues.
Rain Industries Limited (RaIL) is a chemical manufacturing company. It is one of the world's largest producers of coal tar pitch, calcined petroleum coke and other high-quality materials.
The company operates in 3 main verticals: Carbon, Cement and Advanced Materials.
The company began its operations in 1998 from Visakhapatnam, India, and currently has its presence globally.
It has seven manufacturing facilities across three continents and has 2,400 employees.
In its Q3FY23 results, the company reported a 35.54% YoY surge in revenue that reached Rs 5,457 crores.
The carbon segment was the major contributor to total revenues, as revenues surged 48% to 4,233 crores.
Adjusted EBITDA grew 28% to Rs 690 crores. The company also reported a profit of Rs 89.52 crores this year, as opposed to a loss of Rs 96.96 crores reported in the corresponding quarter last year.
The stock of RaIL opened at Rs 152.50 per share today, marginally lower than last day's closing price. Buyers showed interest in this stock as it surged to Rs 167 per share by noon.
The stock made an intraday high of Rs 167.95 before it closed at Rs 166.30, up 8.3% after today's session.
- Aman Agarwal
