Kanoria Chemicals surges after arm sets up denim unit in Africa

Kanoria Africa Textiles plc has set up an integrated Denim project at Bishoftu, Ethiopia

Shares of Kanoria Chemicals & Industries were up over 6% at Rs 67 on the Bombay Stock Exchange after the company said that its subsidiary has set up a denim manufacturing unit in the African nation of Ethiopia

Kanoria Africa Textiles plc, a subsidiary of the company, has set up an integrated Denim project at Bishoftu, Ethiopia for manufacture of Denim fabric, the company said in a release to the stock exchange.

The denim unit has an annual capacity of 12 million metres, the release added.

The stock opened at Rs 65 and touched a high of Rs 70. At 13:35pm, over 900,000 shares were traded on both the stock exchanges.