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Thirumalai Chemicals (Market cap: Rs 2226 cr) is the second‐largest manufacturer in the domestic phthalic anhydride (PAN) market after IG Petrochemicals. Phthalic anhydride is an ingredient for PVC (Poly Vinyl Chloride) and is also used in construction and electrical insulations. Further, Thirumalai’s value‐added product portfolio such as maleic anhydride (MAN), diethyl phthalate (DEP), and food acids has steady demand from the food and beverage, cosmetics, animal feed industries.
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In an otherwise overheated market, it is difficult to find a company that is in the right business at the right price – I G Petrochemicals happens to be one such interesting name. The company caters to the high growing segment of plastics. While the stock had a stellar run, the valuation still looks reasonable. Finally, the company has invested in improving growth and margin that stand to support earnings.
I G Petrochemicals advanced 4.84% to Rs 423.80 at 09:35 IST on BSE after net profit jumped 134.31% to Rs 28.07 crore on 34.19% rise in total income to Rs 289.90 crore in Q4 March 2017 over Q4 March 2016.