Balaji Amines spurts after environmental clearance for new plant

Balaji Amines jumped 4.70% to Rs 366.45 after the company said it received environmental clearance for setting up the proposed chemicals manufacturing unit in Maharashtra.

Balaji Amines said it received environmental clearance from the Ministry of Environment, Forests & Climate Change, Government of India for setting up the proposed organic and specialty chemicals manufacturing unit of capacity 874.20 tons per day in Solapur, Maharashtra.

The company's consolidated net profit fell 7.2% to Rs 28.74 crore on a 5% increase in net sales to Rs 227.25 crore in Q2 September 2019 over Q2 September 2018.

Balaji Amines specialises in the manufacturing methylamines, ethylamines, derivatives of specialty chemicals and pharma excipients.

On the technical front, the stock's RSI (relative strength index) stood at 61.80. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day placed at Rs 327.23, but was trading below its 200-day moving average (DMA) placed at Rs 365.13.

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