Why This Ashish Kacholia Backed Small Cap Stock Hit 52-Week High Today

Shares of PCBL surged up close to 7% to hit a new 52-week high of ₹174.50 in early trade on Tuesday.

What Happened: The surge today comes as the company announced the commissioning of the first phase
of its speciality chemicals capacity expansion at Mundra, Gujarat. The company plans to add a capacity of 20,000 metric tons per annum (MTPA).

See Also: Why This Tata Stock Is Surging Today

The plant currently also has a capacity of 20,000 MTPA, after the completion the capacity would be increased to 40,000 MTPA. The Ashish Kacholia-backed company is also scheduled to release its earnings for the quarter ended June later today. Kacholia owns a 1.88% stake in the company.

Shares of the company have been on a steady rise since the start of the year. The PCBL share price has gone up over 30% on a year-to-date basis.

Price Action: PCBL’s share price was up 5.52% to trade at ₹172.05 shortly after the markets opened on Tuesday.

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Posted In: MoversTrading IdeasAshish KacholiaPCBL