SRF gains after commissioning chemical complex

SRF rose 0.69% to Rs 2,069.25 at 09:55 IST on BSE after the company announced that the facility to produce agrochemical at Chemical Complex in Dahej, Gujarat has been commissioned.

The announcement was made after market hours yesterday, 15 November 2018.

Meanwhile, the S&P BSE Sensex was up 253.81 points, or 0.72% to 35,514.35.

On the BSE, 3,453 shares were traded in the counter so far compared with average daily volumes of 17,000 shares in the past two weeks. The stock had hit a high of Rs 2,075 and a low of Rs 2,057.50 so far during the day. The stock hit a record high of Rs 2,443 on 30 April 2018. The stock hit a 52-week low of Rs 1,531 on 19 July 2018.

SRF said that on 22 May 2017, the company's board had approved setting-up a facility to produce agrochemical at Chemical Complex in Dahej, Gujarat at an estimated cost of Rs 180 crore. Since the initial approval, there has been capacity enhancement compared to initial design, backward integration to enhance competitiveness and increase in input costs such as steel, graphite, PTFC etc, SRF said. The project has been commissioned and capitalised at a cost of Rs 257 crore, it added.

On a consolidated basis, SRF's net profit rose 47.14% to Rs 151.20 crore on 48.27% increase in total income to Rs 1929.92 crore in Q2 September 2018 over Q2 September 2017.

SRF is a chemical based multi-business entity engaged in the manufacturing of industrial and specialty intermediates. The company's diversified business portfolio covers technical textiles, fluorochemicals, specialty chemicals, packaging films and engineering plastics.

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