Meghmani Organics spikes on debt repayment

Meghmani Organics spiked nearly 7 per cent as the company repaid term loan amounting to Rs 166.83 crore. With this repayment, the company is now having outstanding term loan of Rs 127 crore as on March 31, 2019.

Recently, the company has received closure notice from the Gujarat Pollution Control Board for not complying with the requisite pollution control norms for fire accident, which took place on March 26, 2019, in one of the company’s agrochemical manufacturing division.

Since last one week, the stock has made a low of Rs. 59.50 on April 9, 2019 and high of Rs. 65.30 on April 12, 2019.

Meghmani Organics is a leading manufacturer of pigment and pesticide products in the country and is the recipient of several prestigious awards in recognition of its outstanding business performance.

Today, cheering the debt repayment news, the stock of Meghmani Organics made an intra-day high of Rs 69.20, thereby spiking by more than 7 per cent on the BSE.