Indo Borax & Chemicals rose 5.40% to Rs 147.35 after the company said it proposes to install a new plant for manufacturing Boric Acid derivatives and related products.
The company's board on Thursday proposed to install a new plant at existing plant location at Pithampur for manufacturing Boric Acid derivatives and related products. The project will be funded by internal accruals, the company said in a statement.Indo Borax is synonymous with Boric Acid. It operates a most modern Boric Acid and Borax plant at Pithampur, Madhya Pradesh. The plant also enjoys the approval of Food and Drug Administration for manufacturing pharmaceutical grade Boric Acid.
On a consolidated basis, net profit of Indo Borax & Chemicals rose 30.56% to Rs 12.86 crore on 19.80% rise in net sales to Rs 52.52 crore in Q1 June 2022 over Q1 June 2021.
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