Ayodhya Ram Mandir: Responsive Industries shares jump over 7% - Here's why

Ayodhya Ram Mandir: Shares of Responsive Industries, a leading manufacturer of PVC products that operates across five verticals, surged over 7 per cent on Wednesday after the company was selected as a key partner for several hospitality projects currently under construction in the holy city of Ayodhya, where three-storeyed Ram temple is under construction. The city has been witnessing a huge turnout of devotees after the consecration ceremony of 'Ram Lalla' at the Shri Ram Janmabhoomi Temple on January 22.

The counter opened the gap-up with a gain of 7.09 per cent today. It surged around 7.19 per cent to touch an intraday high of Rs 324.30. With this, the market cap of the company has surged to Rs 8.274 crore.

The company said that it anticipates a significant positive impact on its revenue as a result of these partnerships. 

"..delighted to announce its selection as a key partner for several prestigious hospitality and other projects currently under construction in the holy city of Ayodhya. The Company anticipates a significant positive impact on its revenue as a result of these partnerships," the company said in a regulatory filing.

The historic and spiritual significance of Ayodhya, coupled with its booming growth as a tourist destination, makes it a focal point for various development initiatives.  

Meanwhile, the company also said that its board of directors are scheduled to meet on February 5 to consider and approve the December quarter results.