Kanoria Chemicals advances on plans to set up Formaldehyde plant

Kanoria Chemicals & Industries gained 3.57% to Rs 71 at 09:50 IST on BSE after the company announced plans to set up of Formaldehyde plant with 1 lakh tonne per annum in Andhra Pradesh.

The announcement was made after market hours on Friday, 15 June 2018.

Meanwhile, the S&P BSE Sensex was down 77.41 points or 0.22% at 35,544.73.

On BSE, so far 17,000 shares were traded in the counter as against average daily volume of 5,720 shares in the past two weeks. The stock hit a high of Rs 73.35 and a low of Rs 70.45 so far during the day. The stock had hit a record high of Rs 112.50 on 10 January 2018. The stock had hit a 52-week low of Rs 60.50 on 6 June 2018.

The small-cap company has equity capital of Rs 21.85 crore. Face value per share is Rs 5.

Kanoria Chemicals & Industries said that the company is setting up a Formaldehyde plant with a capacity of 1 lakh tonne per annum at Naidupeta, District Nellore in Andhra Pradesh. The company has received the Environmental Clearance for the same from the Ministry of Environment, Forests & Climate Change, Government of India.

Kanoria Chemicals & Industries' net profit dropped 99.26% to Rs 0.04 crore on 2.73% rise in net sales to Rs 93.06 crore in Q4 March 2018 over Q4 March 2017.

Kanoria Chemicals & Industries is a manufacturer of chemical intermediates. Apart from chemicals, it has diversified business interests including automotive and industrial electronics, renewable energy and textiles.

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