Page 2 - Chemicals

Dow sees quarterly sales below estimates over weak consumer durables demand

Retail sales in Germany, Europe's largest economy, fell unexpectedly in February, while the continent's manufacturing activity continued its decline during the first quarter

Europe is the saving grace for declining Indian exports in 2023

This was driven by demand for products such as pharmaceuticals, textiles, petroleum products, engineering products, machinery, as well as chemicals, government data showed

Govt initiates anti-dumping probe into import of chemical from China, Japan

India has initiated an anti-dumping probe into the import of a chemical used in the rubber industry from China and Japan following a complaint by a domestic player. The commerce ministry's investigation arm Directorate General of Trade Remedies (DGTR) is probing the alleged dumping of 'Insoluble Sulphur'. Oriental Carbon & Chemicals Ltd has filed an application before the authority to undertake a probe into the alleged dumping of the chemicals coming from these two countries. According to the DGTR's notification, the applicant has provided prima facie evidence with respect to the injury suffered by the domestic industry due to the dumped imports. "The authority hereby initiates an anti-dumping investigation into the alleged dumping and consequent material injury to the domestic industry," it said. If it is established that the dumping has caused material injury to domestic players, the DGTR would recommend the imposition of anti-dumping duty on imports. The finance ministry takes

Recovery in exports amid rising chemical prices to drive SRF stock

The demand-supply imbalance and margin pressures would be a key monitorable in the near to medium-term

Chemicals in gulal may have caused Mahakal temple fire, says Vijayvargiya

Madhya Pradesh Minister Kailash Vijayvargiya said the fire at the renowned Mahakal Temple in Ujjain on Monday morning may have been caused by chemicals in 'gulal', a coloured powder used in rituals and during Holi. The blaze, which took place in the 'garbha griha' (sanctum sanctorum) of the temple at 5:50am, left 14 priests and 'sevaks' (assistants) injured, eight of whom were shifted to the Sri Aurobindo Institute of Medical Sciences in Indore. "It seems all the injured at SAIMS are out of danger, But they will be under observation for the next 24 hours," Vijayvargiya told reporters after visiting the health facility. "Every year, Holi is celebrated in Mahakaleshwar Temple by throwing gulal. Maybe, some chemical in the gulal caused the fire. However, we are not going to stop the tradition of playing Holi with Lord Bholenath in Mahakaleshwar Temple," he said. It will be ensured that no chemical laced gulal is used next time, he added. The magistrate there has ordered an inquiry ..

Chemical linked to cancer found in acne treatment creams including Proactiv

For its acne research, Valisure tested 66 benzoyl peroxide products, including creams, lotions, gels and washes available either over the counter from major retailers or via prescription

Pidilite appoints Sudhanshu Vats as MD designate, Bharat Puri to step down

Leading adhesive and construction chemicals manufacturer Pidilite Industries on Thursday announced the appointment of Sudhanshu Vats as Managing Director designate. Incumbent Bharat Puri will step down in April next year after the completion of his tenure as Managing Director, according to a statement from Pidilite Industries. The board of Pidilite -- maker of Fevicol, Dr Fixit, Fevikwik and M-Seal -- at its meeting held on Thursday approved the appointment of Vats as Managing Director Designate, who is currently Deputy Managing Director of Pidilite Industries. Besides, its board also approved the appointment of Kavinder Singh as Executive Director and Joint Managing Director designate. "They will take charge as Managing Director and Joint Managing Director from April 2025, after the completion of the term of the current Managing Director, Bharat Puri," it said. Singh joins Pidilite Industries from Mahindra Holidays and Resorts India Ltd (MHRIL), where he is currently the Managin

ADNOC's $30 bn chemicals deal with Austria's OMV stalls over disagreements

"We are in ongoing and open-ended negotiations and cannot comment further," OMV said in a statement

Manali Petrochemicals Q3 results: PAT at Rs 2.9 cr on cost of raw materials

Manali Petrochemicals Ltd has reported a dip in its consolidated profit after tax for the October-December 2023 quarter at Rs 2.94 crore, due to a continuous rise in the cost of raw materials. The Chennai-based petrochemicals manufacturing company registered a consolidated profit after tax at Rs 3.15 crore, during the corresponding quarter of last year. The consolidated net profits for the April-December 2023 period slipped to Rs 17.91 crore, as compared to Rs 51.11 crore registered a year ago. Total income on a consolidated basis during the quarter under review stood at Rs 212.47 crore, as against Rs 244.20 crore registered in the same period of last fiscal. The consolidated total income for the nine months ending December 31, 2023, declined to Rs 798.88 crore from Rs 866.37 crore registered during the corresponding period of the last financial year. "The continued dumping of imported materials at cheaper prices and the increase in raw materials cost have impacted our margins for .

Seeking balance between controlled, skewed pricing in favour of urea

Some in the industry fear a return of controls while others see positives in a govt circular, but the bigger issue is the skewed pricing in favour of urea

NTPC, Numaligarh Refinery ink pact to explore green chemical projects

NTPC Ltd on Tuesday said it has signed a non-binding agreement with Numaligarh Refinery Limited (NRL) to explore partnership opportunities for green chemical projects. While NTPC Ltd is an entity under the Ministry of Power, Numaligarh Refinery Limited (NRL) is a subsidiary of Oil India Ltd, engaged in the business of refining and marketing petroleum products. "NTPC and NRL to build a strategic partnership for green chemicals and green projects. NTPC signed a non-binding MoU with NRL for partnership opportunities in the proposed bamboo-based bio-refinery at NTPC Bongaigaon and other green projects," the statement said. The two CPSEs, through this MoU, intend to enhance their footprint in green chemicals and foray into sustainable solutions to advance the efforts towards achieving the nation's Net-Zero targets and be partners in the development of the northeast region, it said. NTPC is committed to achieving 60 GW of renewable energy capacity by 2032 and being a major player in the

SRF Q3 results: Profit more than halved to Rs 253 crore on global demand

Consolidated net profit after tax fell to 2.53 billion rupees (about $30 million) for the three months ended Dec.31 from 5.11 billion rupees a year ago

Earnings from O2C division may remain volatile for Reliance Industries

RIL's management noted while the refining margins environment looks favourable, that of downstream will remain pressured

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

Zydex eyes 15-20% revenue growth to Rs 375 cr across all verticals in FY24

Specialty chemicals company Zydex Group is eyeing 15-20 per cent growth in revenues to Rs 375 crore from all its verticals including road, textile, agro, water proofing and paints in 2023-24 compared to previous fiscal year. Talking to PTI, Chairman and Managing Director Zydex Group Ajay Ranka said,"We are expecting 15 to 20 per cent revenue growth in all business verticals during 2023-24 compared to 2022-23." He said the company gets 35 per cent revenue from road vertical, 35 per cent from textiles, 10-12 per cent agro, 14-15 per cent from waterproofing and 3-4 cent from paints business. About the staggering impact of the pandemic (which hit in March 2020) on the businesses, Ranka said though market sentiments have improved, the textile sector is doing poor since October 2022. Rest of the sectors are however growing post pandemic. "Organic growth of the company is expected in the next two years beyond which inorganic growth will be looked into, once business verticals stabilize an

Navin Fluorine dips 16% in 4 days after MD resigns; Firm remains positive

Valuations are rich and hence, the brokerage firm Motilal Oswal Financial Services said it maintain Neutral rating on the stock owing to limited upside.

Best Agrolife consolidated net profit jumps to Rs 90.5 cr in June quarter

Agro chemical firm Best Agrolife Ltd on Monday reported an over two-fold jump in its consolidated net profit at Rs 90.5 crore for the June quarter of the current fiscal. Its net profit stood at Rs 40.12 crore in the year-ago period. Total income rose to Rs 616.75 crore in the April-June period of 2023-24 fiscal from Rs 464.07 crore in the corresponding period a year ago, according to a regulatory filing. Vimal Kumar, Managing Director of Best Agrolife Ltd, said the company has achieved remarkable growth momentum, with revenue from operations growing by 32 per cent despite the headwinds that the agrochemicals industry has been facing. "Additionally, our EBITDA margins of 21 per cent can be attributed to the increasing contribution of speciality, niche, and patented products to our overall revenue," he said.

India-made cold syrup sent to Iraq tainted with toxic chemicals, shows test

A bottle of Cold Out purchased at a pharmacy in Baghdad in March contains 2.1 per cent ethylene glycol, according to Valisure LLC, an independent US laboratory

MRPL shelves plans of refinery expansion to focus on chemicals bet

A shifting energy landscape primarily driven by the uptake of electric vehicles has prompted MRPL to focus its efforts on increasing output of chemicals that can be used for plastics and paints

Making efforts to set up chemical parks to meet domestic demand: Mandaviya

Chemicals and Fertilisers minister Mansukh Mandaviya on Wednesday stressed on the need to bring innovations in the chemicals sector and said the government is making efforts to set up chemical parks to meet a rising domestic demand. The minister was virtually addressing an international conference on Chemicals & Petrochemicals, organised by industry body CII in association with the Department of Chemicals and Petrochemicals, Ministry of Chemicals & Fertilizers. "To meet the rising domestic demand, the government of India is striving towards establishing the global state-of-art chemicals parks with all necessary plug and play facilities by providing a sustainable ecosystem to the industries," Mandaviya said. The chemical industry is a critical and integral part of growing Indian economy, he said, adding that there is an immense growth potential of this sector. Mandaviya highlighted the need to bring innovation across all the segments of the chemical and petrochemical industry ..