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Manali Petrochemicals share price is locked at 20 percent upper circuit at Rs 41.55 after reporting healthy earnings growth for March quarter. The petrochemical company has reported a massive 55 percent jump quarter-on-quarter in profit at Rs 26.6 crore, backed by strong operational growth. Profit in the previous quarter stood at Rs 17.2 crore. Revenue from operations grew by 17 percent sequentially to Rs 190 crore for the quarter ended March 2018. Operational numbers were very strong as operating profit (EBITDA - earnings before interest, tax, depreciation and amortisation) shot up 40 percent to Rs 43.5 crore.

    The National Company Law Appellate Tribunalwill next week hear Bhushan Steel promotor Neeraj Singal's plea against acquisition of the company by Tata Steel. Singal has sought a stay on the National Company Law Tribunal order approving Tata Steel's bid for the debt-ridden Bhushan Steel under corporate insolvency resolution process. Singal has also requested the appellate tribunal to maintain status quo over the company's shareholding. Singal holds around 22 per cent stake in Bhushan Steel.
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