Camlin Fine Sciences slumps after Tarapur unit receives closure notice

Camlin Fine Sciences was locked in a lower circuit of 5% at Rs 78.95 after the company said its manufacturing unit in Tarapur received closure notice from Maharashtra Pollution Control Board.

The closure will be enforced within 72 hours from receipt of the closure direction on 15 January 2020. The direction was issued on account of certain alleged irregularities by the company in complying with Maharashtra Pollution Control Board (MPCB)'s terms and conditions.

"The company has initiated necessary steps with the concerned authorities to resolve the matter. The impact of the said direction are contingent upon the outcome of the company's representations before the concerned authorities," Camlin Fine Sciences said in a statement issued during trading hours today.

On consolidated basis, the company's net profit advanced 429.8% to Rs 6.94 crore on a 10.4% rise in net sales to Rs 222.28 crore in Q2 September 2019 over Q2 September 2018.

Camlin Fine Sciences is a provider of high-quality shelf life extension solutions including antioxidants, aroma ingredients and performance chemicals.

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