Balaji Amines advances after project gets mega project status from govt

Balaji Amines rose 1.34% to Rs 641.05 at 9:25 IST on BSE after the company said that the Department of Industries, Energy and Labour, Mantralya, Mumbai has conferred mega project status to its expansion project.

The announcement was made after market hours yesterday, 4 December 2017. The stock had jumped 6.27% to Rs 632.60 yesterday, 4 December 2017, ahead of the announcement.

Meanwhile, the S&P BSE Sensex was down 87.24 points or 0.27% at 32,782.48. The S&P BSE Small-Cap index was down 54.30 points or 0.3% at 17,870.07, underperforming the Sensex.

On the BSE, 5,150 shares were traded on the counter so far as against average daily volumes of 33,492 shares in the past two weeks. The stock had hit a high of Rs 644.40 and a low of Rs 636 so far during the day. The stock had hit a record high of Rs 668.40 on 23 November 2017. The stock had hit a 52-week low of Rs 271.10 on 11 August 2017.

The stock had outperformed the market over the past one month till 4 December 2017, gaining 23.1% compared with the Sensex's 2.42% decline. The stock had also outperformed the market over the past one quarter, advancing 84.94% as against the Sensex's 3.68% rise. The scrip had also outperformed the market over the past one year, jumping 108.61% as against the Sensex's 25.31% rise.

The small-cap company has equity capital of Rs 6.48 crore. Face value per share is Rs 2.

Balaji Amines said that the Department of Industries, Energy and Labour, Mantralya, Mumbai has conferred 'Mega Project' status to the expansion project being under taken by the company at an project outlay of Rs 296 crore at MIDC Chincholi, Solapur, Maharashtra. The status of mega project entitles the company to various incentives, subject to compliance of conditions of Package Scheme Incentives (PSI) 2013.

The company had said that it had been allotted 3.6 lakh square meters (90 acres) Land in MIDC Chincholi, Solapur, Maharastra.

Balaji Amines' net profit rose 34.2% to Rs 29.16 crore on 16.9% rise in net sales to Rs 201.19 crore in Q2 September 2017 over Q2 September 2016.

Balaji Amines makes methylamines, ethylamines, derivatives of specialty chemicals and natural products.

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