Balaji Amines slips after announcing closure of DMF plant

Balaji Amines declined 1.43% to Rs 4,574.25 after the company informed closure of demethylformamide (DMF) plant.

In a regulatory filing on Wednesday, the company informed about a small incident that had taken place at its unit III demethylformamide (DMF) plant. The incident caused leakages/breakdown.

While rectifying the incident, the company said it is adding some debottlenecking activities to increase capacity which may take two to three weeks' time. During this period, the DMF plant will not be in operational.

Dimethylformamide (DMF) is a clear, colorless, hygroscopic liquid with a slight amine odor. DMF is widely used as a solvent, reagent and catalyst in the synthetic organic chemistry. It is also used as carrier for inks and dyes in various printing and fiber-dying applications

Balaji Amines makes methylamines, ethylamines, derivatives of specialty chemicals and pharma excipients. The company is one of the leading manufacturers of aliphatic amines in India. The company's consolidated net profit soared 208.39% to Rs 97.39 crore on a 101.59% increase in total revenue from operations to Rs 451.94 crore in Q1 FY22 over Q1 FY21.

Powered by Capital Market - Live News