Kanoria Chemicals jumps after subsidiary sets up Denim project at Ethiopia

Kanoria Chemicals & Industries jumped 7.78% to Rs 67.90 at 11:15 IST on BSE after the company's announcement that its African subsidiary Kanoria Africa Textiles plc has set up an integrated Denim project at Bishoftu in Ethiopia.

The announcement was made on Saturday, 24 October 2015.

Meanwhile, the S&P BSE Sensex was up 6.78 points or 0.02% at 27,473.79.

Huge volumes were witnessed on the counter. On BSE, so far 1.98 lakh shares were traded in the counter as against average daily volume of 47,678 shares in the past two weeks.

The stock hit a high of Rs 69.95, which is also a record high for the stock. The stock hit a low of Rs 64 so far during the day. The stock had hit a 52-week low of Rs 30.25 crore on 16 December 2014.

The stock had outperformed the market over the past one month till 23 October 2015, surging 36.22% compared with 6.38% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 34.19% as against Sensex's 3.17% decline.

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 Denim plant for the manufacture of denim fabric has an annual capacity of 12 million metres. The plant was inaugurated on 24 October 2015 by His Excellency Mr. Hailemariam Desalegn, Prime Minister of Ethiopia.

Kanoria Chemicals & Industries' net profit rose 76.4% to Rs 5.82 crore on 0.2% decline in net sales to Rs 77.39 crore in Q1 June 2015 over Q1 June 2014.

Kanoria Chemicals & Industries (KCI) 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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