Kanoria Chemicals jumps on plans to set up new 300 TPD capacity Formaldehyde plant

Kanoria Chemicals & Industries advanced 4.80% to Rs 126.75 after the company announced its plans to set up a new Formaldehyde plant with 300 TPD capacity at the existing manufacturing facility at GIDC, Ankleshwar, Gujarat.

The upcoming Formaldehyde plant will be equipped with the latest Metal Oxide-based technology. This new capacity will cater to growing demand in various sectors such as engineering wood, textile, agrochemicals, pharmaceuticals, etc. in the region as well as the exports markets.

Ranjeet Singh, chief executive - Chemical Business, said, "We are delighted that this additional Formaldehyde manufacturing facility with the latest technology will give us sustainable competitive advantage at the market place.

Kanoria Chemicals & Industries has three manufacturing facilities at Ankleshwar in Gujarat and at Visakhapatnam and Naidupeta in Andhra Pradesh for the manufacture of alco chemicals primarily Pentaerythritol, Formaldehyde and Hexamine. The company has a solar power plant of 5.0 MW capacity in Jodhpur, Rajasthan.

The company's reported a consolidated net loss of Rs 1.27 crore in the quarter ended December 2022 as against net loss of Rs 10.82 crore during the previous quarter ended December 2021. Sales rose 19.03% to Rs 385.41 crore in Q3 FY23 over Q3 FY22.

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