Heranba Industries jumped 4.95% to Rs 737.45 after the company said that it has received environmental clearance for manufacturing at its Sarigam plant in Gujarat.
The environmental clearance, received from Ministry of Environment, Forest and Climate Change (MoEFCC) of Government of India, is for expansion of the company's Gujarat-based pesticides intermediates, fungicides, herbicides, insecticides manufacturing plant.
Heranba has an existing land parcel measuring 55,000 sq.mt. at Sarigam and no additional land will be required for the proposed expansion. The company has developed greenbelt in area of 5,500 sqm and will develop greenbelt in an area of 12,650 sqm covering 33% of the project area.
This expansion plan will entail setting up an additional manufacturing capacity of 24,900 Tonnes per Annum (TPA) for manufacturing of insecticides, fungicides, herbicides and pesticides intermediates. The estimated cost for this expansion is Rs 110 crore, which includes an existing investment of Rs 20 crore.
R K Shetty, managing director, Heranba, said, "We are pleased to announce that we have received the EC approval for expanding our Sarigam Plant. This is a crucial development towards our aim of expanding our multipurpose manufacturing capacity and enables us to achieve our growth objectives while continuing to build on our solid foundation. We intend to manufacture a variety of insecticides, pesticides, and herbicides at the site in the future."
Heranba is a leading agrochemical company in India. It manufacturers synthetic pyrethroids and its intermediates in India. It has four manufacturing facilities across India with employee strength of 650 (approx).
The company's net profit rose 64.51% to Rs 43.20 crore on a 25.34% increase in net sales to Rs 267.83 crore in Q4 FY21 over Q4 FY20.
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