Shares of this small-cap chemical company shine on setting up a new plant
Shares surged by more than 2.5% after the company announced the development.
Setting up of new Plant
At the current production site at GIDC, Ankleshwar, Gujarat, Kanoria Chemicals & Industries is constructing a new Formaldehyde factory with a 300 TPD capacity. The newest Metal Oxide-based technology will be used in the planned formaldehyde facility. The region's and export markets' rising needs in several industries, including engineering wood, textiles, agrochemicals, pharmaceuticals, etc., will be met by this additional capacity with better technology.
Share price movement of Kanoria Chemicals and Industries Limited
Scrip opened today at Rs 127.95 and made its day high at Rs 134.75. The 52-week high of the stock is Rs 177, whereas the 52-week low was Rs 99.20. Promoters hold 74.39%, whereas institutional and non-institutional holdings are 0.19% and 25.41%, respectively. Presently, the market cap of the company is Rs 545 crore.
Leading Indian maker of chemical intermediates, Kanoria Chemicals & Industries is ISO 9001, ISO 14001, and OHSAS 18001 certified. The firm opened its Caustic Chlorine facility at Renukoot in the state of Uttar Pradesh in 1965. It has a 16,500 TPA Caustic Soda production capacity. KCI has two production facilities: one in the state of Gujarat which produces alcohol-based intermediates, and the other in the state of Uttar Pradesh which produces chlor-alkalis, chlorine derivatives, and water treatment chemicals.
Due to backward and forward integration, KCI, which runs two 25MW thermal power plants at Renukoot, has an advantage in terms of cost. The firm has a portfolio of more than twenty goods, with market leadership in six of them and sizeable market shares in the others.
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