Page 2 - Chemical Industry

Confident of achieving $31 bn chemical export target in FY25: CHEMEXCIL

The export target of USD 31 billion for 2024-25 will be achieved, as there is a healthy demand for 'made in India' chemicals in countries like Brazil, the US, Japan and Saudi Arabia, CHEMEXCIL Director General Raghuveer Kini said. The Basic Chemicals, Cosmetics and Dyes Export Promotion Council (CHEMEXCIL) is set by the commerce ministry to promote exports of these goods. Kini said that the total exports of chemicals during April-September rose by 4.57 per cent to USD 14.1 billion. "So far, we are registering good growth, and we are confident of achieving the USD 31 billion target this fiscal. Last year, it was around USD 30 billion," he added. During the second half of this year, the exports will grow at a faster pace, he noted. "Last year, because of drought in Brazil, which is the key market for us, exports were down. But this year, the situation is good, and we expect high growth," Kini said. India exports these goods worth about USD one billion annually to the South American

Epigral Q2FY25 results: PAT up two-fold at Rs 81 cr, revenue at Rs 632 cr

Integrated chemical manufacturer Epigral Ltd on Saturday reported more than two-fold jump in profit to Rs 81 crore in the September quarter. The company had reported a net profit of Rs 38 crore in the year-ago period. Revenue for the previous quarter rose 32 per cent to Rs 632 from Rs 479 crore in the same period year earlier, Epigral said. The company said its sales volume grew 6 per cent year-on-year driven by derivatives and specialty business. The capacity utilisation during the quarter under review stood at 83 per cent year-on-year, the company said. Realisations dropped for all products -- except for chloromethanes -- in range of 1-7 per cent, it said. Chlorinated polyvinyl chloride resin capacity will be doubled to 1,50,000 tonnes per annum (TPA) while epichlorohydrin capacity will be enhanced to 1,00,000 TPA at the company's Dahej plant in Gujarat, it added.

SRF Q2 results: Net profit falls 33% to Rs 201.42 cr on higher expenses

Chemical firm SRF Ltd on Tuesday reported a 33 per cent decline in its consolidated net profit to Rs 201.42 crore for the second quarter of this fiscal on higher expenses and announced plans to invest Rs 1,100 crore on new plants to manufacture fourth-generation refrigerants. Its net profit stood at Rs 300.78 crore in the year-ago period. The total income rose to Rs 3,457.63 crore during the July-September period of this fiscal from Rs 3,206.48 crore in the year-ago period, the company said in a regulatory filing. The company's total expenses increased to Rs 3,173.97 crore in the second quarter from Rs 2,791.67 crore a year ago. SRF Chairman and Managing Director Ashish Bharat Ram said, While the performance this quarter has been expectedly subdued, I believe the worst is now behind us. We will start seeing an improvement from this quarter onwards with a likelihood of a strong finish to the year". SRF also informed that its Board of Directors approved "a project for setting up new

RIL Q2 results: Net profit slips 5% to Rs 16,563 crore on weak fuel biz

This is the third consecutive quarter the company has reported a decline in profits owing to weakness in its oil-to-chemicals (O2C) business. RIL's Q2 profits also missed street estimates

DIY Drug Production: FTVC's low-cost solution to expensive medicines

FTVC has developed a "MicroLab", an open-source controlled lab reactor (CLR) made from components easily available online

Gas leak in Thane's Ambernath sparks panic, locals report breathing issues

The situation is now under control with no injuries reported. An investigation is underway to see if any lapses in safety protocols resulted in the gas leak

JB Chemicals & Pharma Q1 results: Net profit jumps 25% to Rs 177 cr

JB Chemicals & Pharmaceuticals on Thursday said its net profit increased 25 per cent year-on-year to Rs 177 crore in the first quarter ended June 30, 2024. The drug firm had reported a net profit of Rs 142 crore in the April-June period last fiscal. Total income increased to Rs 1,010 crore in the June quarter from Rs 902 crore in the year-ago period, JB Pharma said in a regulatory filing. "Our overall performance in the first quarter has been robust. We have reached a new milestone of Rs 1,000 crore in quarterly sales for the first time during any quarter, with improvement across all parameters - revenue, gross profit, operating profit and operating profit margin," CEO and Wholetime Director Nikhil Chopra stated. Strong performance in the domestic business has continued, with each of the big brand franchises witnessing market-beating growth, he added. "We expect the international business including CDMO business to pick up in the second half of the financial year. The good start .

SRF Q1FY25 results: Net profit down 30% to Rs 252 cr on weak global demand

The chemicals industry has been grappling with high inventory and destocking for the past few quarters, leading to continuous pressure on volume and margins, according to analysts

BASF India parent firm to sell flocculants biz to Solenis, stock down 3%

The decline in stock price occurred following the announcement that BASF SE, the parent company, would sell its flocculants business for mining applications to Solenis

Adani Wilmar to buy 67% stake in Omkar Chemicals, aims to expand footprint

AWL expects to close the deal in three to four months and it doesn't need government or regulatory approvals, it said in its filing

Kronox Lab Sciences IPO allotment today: How to check status and latest GMP

Kronox Lab Sciences IPO allotment will be finalised on June 6, the IPO received receives 117.25 times subscription on last day of offer

Death toll rises to 9 in Thane chemical factory blast, owners booked

The death toll in the chemical factory blast in Maharashtra's Thane district rose to nine with the discovery of one more body from the accident site, officials said on Friday. Police have registered a case of culpable homicide against the owners of the unit, Amudan Chemicals, located in Phase 2 of Dombivli MIDC. Kalyan Tehsildar Sachin Shejal said the toll might go up as they suspect more bodies are lying on the premises of the devastated factory. The debris is being cleared, said the official. He said 64 persons, including many women from the factories in the vicinity, were injured and are being treated in at least six different hospitals. AIMS hospital in Dombivli is treating two dozen patients, he said. A boiler exploded at the factory on Thursday afternoon and the impact of the blast and the resultant blaze affected adjacent factories and houses, according to officials. Ten fire engines were pressed into service to control the blaze and the firefighting went past 11 pm on ...

Sequential recovery to neutralise chemical companies' sales slump

Alchemy of revival: Early recovery catalysts blend with stable prices and eased supplier tensions

Haldia Petchem planning $10 bn oil-to-chemical project in south India

The company wants to boost profits by locally producing specialty chemicals

Fire catches chemical factory located near Jaipur; 6 dead, 1 injured

Six people died and one other was injured in a fire that broke out at a chemical factory in Jaipur district's Bassi area on Saturday evening, officials said. Jaipur District Collector Prakash Rajpurohit said the fire broke late this evening after an explosion in the boiler of the factory. One of the two injured, who was to Jaipur's Sawai Man Singh government hospital with 95 per cent burn injuries, died in the hospital, officials said. According to hospital sources, the other injured has suffered 65 per cent burn injuries and undergoing treatment at the hospital. Jaipur Commissioner of Police Biju George Joseph said that five people died on the spot. The fire has been doused. "The injured have been brought to SMS Hospital here. Doctors are trying their best to provide them better treatment," DC Rajpurohit said, adding that the matter will be probed. Soon after the incident, locals gathered at the spot, demanding action against the factory owner who is absconding. Rajasthan Chief

BASF to slash another 1 bn euros in Germany, flags earnings rebound

CEO Martin Brudermueller, who will quit in April to become non-executive chairman of carmaker Mercedes-Benz, cited high competitiveness of the group outside of Germany under challenging conditions

Recovery in chemicals may be delayed until FY25, more downgrades ahead

Specialty chemical majors, after experiencing a 17% Y-o-Y fall in revenues in the September quarter, are projected to report an 18% decline in the top line for the December quarter

PCBL Ltd receive CCI approval for Aquapharm Chemicals acquisition

Anti-trust regulator CCI has approved speciality chemicals major PCBL Ltd's proposed acquisition of a 100 per cent stake in Aquapharm Chemicals, according to a notice. The Competition Commission of India (CCI) has granted its approval to the deal under the green channel route. Under the green channel route, a transaction that does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on being intimated to the fair-trade regulator. PCBL Ltd is engaged in the manufacturing and sale of carbon black, and green power generation. The transaction relates to PCBL's proposal to acquire 100 per cent equity share capital of Aquapharm Chemicals from the existing shareholders of the company i.e., (members of Desai Group and Mangwani Group), CCI said. After the completion of the transaction, Aquapharm Chemicals will be a wholly-owned subsidiary of PCBL Ltd. Aquapharm Chemicals Pvt Ltd (ACPL) is a Pune-based speciality chemicals company engaged in manufactu

Himadri in five years will be a totally different company: CEO Choudhary

"The existing business is growing, positioning Himadri among the top three players in specialty carbon black," he says

India defends quality control orders imposed across various sectors at WTO

US, Canada, 17 other members raised 35 specific trade concerns