Rain Industries surges on approval to import petroleum coke

The stock of the company was buzzing on receiving approval from the Supreme Court to import petroleum coke which was earlier banned by the court to reduce pollution.

The Supreme Court had ordered a ban on import and use of petcoke as fuel on July 26, the Supreme Court ordered a ban on import and use of petcoke as fuel. The court had, however, exempted a few industries from the ban. This ban is aimed at reducing industrial emissions.

In its ruling on October 9, the court allowed the calcination industry to import petroleum coke, which uses petcoke as a primary feedstock for the production of calcined petroleum coke (CPC).

Rain Industries engages in the manufacture of anodes essential for the electrolytic process in aluminium production. Following this approval, the company plans to resume shipment of petcoke for its Vizag facility. However, due to the ban which lasted for 2.5 months will adversely affect the company's performance in Q3 and Q4 quarters.

At 10:05 hours, the stock of Rain Industries was at Rs. 173.75 per share, up by 4.01 per cent. In contrast, the shares of Goa Carbon, which is also in the calcination industry was at Rs. 645.00 per share, down by 2.99 per cent during morning trade on Thursday.