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Meghmani Organics gains on plans to set up multipurpose plant

Capital Market 

Meghmani Organics rose 3.80% to Rs 77.80 after the company announced plans to set up the multipurpose plant at Dahej at the cost of Rs 310 crore.

"The plant is expected to be commissioned by Q4 FY22, it further said in a BSE filing made during market hours today.

Further, Meghmani Organics informed that it commenced commercial production of two plants in Bharuch, Gujarat on 25 November 2020.

The herbicide 2, 4D acid plant is at GIDC, Dahej - District Bharuch. The cost of setting up this plant, having an annual capacity of 10,800 MTs, is Rs 127 crore. The company expects to achieve additional turnover of Rs 200 crore on full year of operation. With this expansion the total production capacity of herbicide 2,4D acid plant is now 21600 TPA.

The agrochemical formulation plant is at GIDC Panoli - District Bharuch. The cost of setting up this plant is Rs 25 crore. The company expects to achieve additional turnover of Rs 150 crore on full year of operation.

Meghmani Organics (MOL) is in the business of manufacturing of agrochemical and pigments. It reported 3.8% drop in consolidated net profit to Rs 81.15 crore on a 17.5% rise in net sales to Rs 625.63 crore in Q2 FY21 over Q2 FY20.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, November 26 2020. 10:30 IST