Southern Petrochemicals Industries Corporation has entered into a Memorandum of Understanding (MoU) with Government of Tamil Nadu on January 24, 2019 to co-operate in the setting up of various projects in Tuticorin and facilitate establishment and operation of these projects.

The stock had underperformed the market over the past one month till Jan. 25, 2019, falling 4.40% compared with the Sensex's 1.57% rise. It underperformed the market in past one quarter, declining 3.33% as against 6.93% rise in the Sensex.

Shares of the company declined Rs 0.7, or 2.74%, to trade at Rs 24.85. The total volume of shares traded was 13,352 at the BSE (12.48 p.m., Monday).