 "Bodal Chemicals hits 52-week high on environmental clearance for expansion plans")
Bodal Chemicals has rallied 5% to Rs 89, also its 52-week high on the BSE, after the company announced that it has received environmental clearance (EC) for the expansion of dyes and dyes intermediates manufacturing facility.
The company had applied for environmental clearance from Ministry of Environment, forest and climate, New Delhi for expansion of its dyes and intermediates manufacturing capacity (from 2,200 MTPM to 6,000 MTPM), and Co-generation power plant (5MW) in Gujarat.
The said application has been considered by Expert Appraisal Committee (EAC) working under the said ministry and has granted approval for the expansion of dyes and dyes intermediates manufacturing facility, Bodal Chemicals said in a statement.
With this approval in place, company is in a position to plan to enhance its dyestuff manufacturing capacity at very low capital cost compare to cost of green field project or cost required for commencement of new plant in this sector, said Bhavin Patel, executive director.
Once 5MW power plant is commissioned, company will able to save significantly in power cost, he added.
In past three trading sessions, the stock soared 24% from Rs 72 on April 4, as compared to 2.4% decline in the S&P BSE Sensex.
The company had applied for environmental clearance from Ministry of Environment, forest and climate, New Delhi for expansion of its dyes and intermediates manufacturing capacity (from 2,200 MTPM to 6,000 MTPM), and Co-generation power plant (5MW) in Gujarat.
The said application has been considered by Expert Appraisal Committee (EAC) working under the said ministry and has granted approval for the expansion of dyes and dyes intermediates manufacturing facility, Bodal Chemicals said in a statement.
With this approval in place, company is in a position to plan to enhance its dyestuff manufacturing capacity at very low capital cost compare to cost of green field project or cost required for commencement of new plant in this sector, said Bhavin Patel, executive director.
Once 5MW power plant is commissioned, company will able to save significantly in power cost, he added.
In past three trading sessions, the stock soared 24% from Rs 72 on April 4, as compared to 2.4% decline in the S&P BSE Sensex.
At 12:26 PM, the stock was up 2.5% at Rs 87 on the BSE with a combined 3.56 million shares changed hands on the BSE and NSE.
